Journal of Business Ethics

, Volume 98, Issue 3, pp 505–511 | Cite as

The Case Against Fiduciary Media: Ethics is the Key

  • Walter BlockEmail author
  • Laura Davidson


Salerno (, 2010a) asserts that in the debate between those who favor and oppose fractional reserve banking, the important issue is not whether or not this institution is inherently fraudulent, but, rather, does it or does it not cause the business cycle. We join this author in thinking both important; however, we reverse this order.

Key words

fractional reserve banking fraud business cycle contract ethics 


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Copyright information

© Springer Science+Business Media B.V. 2010

Authors and Affiliations

  1. 1.Loyola UniversityNew OrleansU.S.A.
  2. 2.SeattleU.S.A.

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