I’ve got nothing against lending as long as everyone voluntarily participating also takes on the risk. Profits shouldn’t be privatised while losses are socialised. That said, in the piece I point out that I’m genuinely unsure whether the fixed interest model can actually work when banks aren’t constantly bailed out anymore. Personally, I’d much prefer a system with many smaller banks—which I think you’d naturally get under freer banking (where banks can actually fail just like how it works for any other business), rather than the too-big-to-fail giants we have now.
