Yeah, we’ll, the credit crunch was an enormous fuck up. I kind of blame the regulators for letting the wolves self-regulate sheep herding, though of course it was ultimately a team effort. But that was all a textbook example of regulating banks the wrong way.

> That's not true in fractional reserve banking, and we're actually well last that, we're into no-reserve banking now.

How so? In Europe at least, banks lend from their own loans (a mix of deposits, bonds and commercial papers), plus need capital at a fraction of assets (ie loans made).