And I agree that protection of assets is important. I'm not defending the indefensible. We need to learn the lessons of 2008 (or perhaps more precisely the US needs to learn the lessons of 2008). No, I can't see us learning those lessons either. It's still a mess. Something else we probably agree on. If my insurance company needs to pay out I don't want them scrabbling about to try and sell shares only to find that the FTSE is down that day. I want them to go "the FTSE is down but no problem BTIW, we have some gilt edged securities here". That's why I want insurance companies to hold gilts for me. Yes, debt is owned by people who own stuff. You and I don't have the billions that Soros has so we only own a bit of government debt. Wealthy people are people too and I don't begrudge them lending my country money to build stuff. Before I was born somebody bought gilts and the government built roads and schools that I got to use. The people who bought those gilts had to have money to lend. If I look in my wallet then most of that money was created out of thin air by bankers out of money that DA and koolpc had deposited. Which is nice. I like money. Bankers? Good job. Click "like". BUT... We all just hope that DA and koolpc don't both ask for all their deposited money back at the same time, because some of it is in my pocket and it'll end in tears. So long as we do the maths properly and evaluate the risk of everyone trying to get their money back then it's great for the economy. I mean really great. It's when we don't work out the risks then it all goes sideways. In summary (and I think everyone on the forum hopes this topic is approaching a summary): I think fractional reserve banking is like electricity. Dangerous yet incredibly useful. We need to handle banking responsibly and carefully because it powers our world. We used to be able to do this. I think* we can again. ---------------------------- * actually it's more of a hope, a belief. A quote from Matt Haig's book The Humans. "History is a branch of mathematics. So is literature. Economics is a branch of religion".