Guido Hülsmann

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  Nozick and Fractional Reserve Banking

  Rothbardian critics of fractional reserve banking (FRB) tend to use natural-rights-esque arguments, even when not explicitly invoking natural rights. That is, they take for granted not only the perspicuity of some definition of property, but also the obviousness of its application to any situation. Hülsmann, for example, argues that, “on . . .