From: S Sent: To: Walter Block Subject: Against Fiduciary Media Walter: I read your, Hans’ and Guido’s excellent 1998 paper entitled “Against Fiduciary Media”. I appreciate that the issuance of fiduciary media constitutes a fraud, in that two people cannot both own the same property at the same time. However, my question to you, which I don’t think is addressed in this paper, is this: Who could legitimately bring an action for fraud? If the depositor knows that the bank will lend out his demand deposit and that the bank is keeping less than 100% reserves against this deposit, if … Continue reading Against Fiduciary Media