On Oct 3, 2008, at 7:21 PM, dredmond at efn.org wrote:
> On Fri, October 3, 2008 3:17 pm, Shane Mage wrote:
>> On Oct 3, 2008, at 3:21 PM, dredmond at efn.org wrote:
>>> ...Deposits are a tiny chunk of a bank's assets...
>> Deposits are liabilities of a bank, not assets.
>
> In the strict financial sense, yes, but I was trying to put things
> into
> the simplest and most direct terms.
Double-entry bookkeeping has been around for some 700 years now. That's not a "strict financial sense," that's elementary financial literacy.
Shane Mage
"Thunderbolt steers all things...it consents and does not consent to be called Zeus."
Herakleitos of Ephesos