Risk free return = return free risk Lender of last resort = counterfeiting operation to backstop a Ponzi scheme Fractional reserve = fictional reserves Policy makers = central planners Elites = parasites Federal Reserve = the 5th plank in Marx’s Communist Manifesto Fiat currency = government Chuck E. Cheese arcade tokens, confetti created from thin air Interest rates = the price of money and most important prices in the entire economy, manipulated by central planners Inflation = increase in money supply Depositors = unsecured lenders to a bank Bank deposits = IOU from a bank Deposit insurance = false sense of security Bail-in = using depositors funds to shore up a Ponzi scheme Bank holiday = surprise restrictions on depositors to prevent them from fleeing Haircut = theft Regulations = anti-competitive barriers to entry to protect large incumbents and empower politicians Official denial funds are at risk = confirmation funds are at imminent risk