The Bitcoin Knowledge Podcast
The Bitcoin Knowledge Podcast
Trace Mayer
RTG-12-2009-01-18
5 minutes Posted Jan 17, 2009 at 7:15 pm.
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<p><a href="http://www.runtogold.com/2008/10/all-bankers-are-liars-and-frauds/" target="_blank">All bankers are liars and frauds</a> because they are engaged in fractional reserve banking.  The perplexing case of <em>Foley v. Hill and Others</em> was decided in 1848 by Lord Cottenham who stated:</p>
<p>The money placed in the custody of a banker is, to all intents and purposes, the money of the banker, to do with as he pleases, he is guilty of no breach of trust in employing it; he is not answerable to the principal if he puts it into jeopardy, if he engages in a hazardous speculation; he is not bound to keep it or deal with it as the property of his princip...