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gwern comments on Harry Potter and the Methods of Rationality discussion thread, part 15, chapter 84 - Less Wrong Discussion
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No fractional-reserve banking does not imply this - there could be lenders (whether goblins or wizards) with a large supply of their own gold which they use to make loans. Or landowners could sell property with a "rent to own" payment plan. Fractional-reserve banking is only necessary if you want to lend someone else's gold.
I was not using implies in the logical deduction sense. Not having fractional-reserve banking eliminates a massive source of capital which could be used for mortgage lending and ceteris paribus will reduce such lending, does it not?