James Turk: Banking system is 'a house of cards'

Section:

12:25p ET Sunday, September 16, 2007

Dear Friend of GATA and Gold:

GoldMoney founder James Turk, editor of the Freemarket Gold and Money Report and consultant to GATA, examines the run on the British bank and mortgage lender Northern Rock and traces it to the inherent instability of fractional-reserve banking, a system the economist Murray Rothbard called "a house of cards." That's the title of Turk's new essay and you can find it in the third column of the GoldMoney home page, in the "Founder's Commentary" section here:

http://goldmoney.com

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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