Embezzlement - Revision history

Karmaisking: /* Safeguards against embezzlement */

2010-12-09T03:21:04Z

Safeguards against embezzlement

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	[[Internal control]]s such as [[separation of duties]] are common defenses against embezzlement. For example, at a movie theater, the task of accepting money and admitting customers into the theater is typically broken up into two jobs. One employee sells the ticket, and another employee takes the ticket and lets the customer into the theater. Because a ticket cannot be printed without entering the sale into the computer, and the customer cannot enter the theater without a ticket, both of these employees would have to collude in order for embezzlement to go undetected. This significantly reduces the chance of theft, because of the added difficulty in arranging such a conspiracy and the likely need to split the proceeds between the two employees, which reduces the payoff for each.		[[Internal control]]s such as [[separation of duties]] are common defenses against embezzlement. For example, at a movie theater, the task of accepting money and admitting customers into the theater is typically broken up into two jobs. One employee sells the ticket, and another employee takes the ticket and lets the customer into the theater. Because a ticket cannot be printed without entering the sale into the computer, and the customer cannot enter the theater without a ticket, both of these employees would have to collude in order for embezzlement to go undetected. This significantly reduces the chance of theft, because of the added difficulty in arranging such a conspiracy and the likely need to split the proceeds between the two employees, which reduces the payoff for each.

	Many clients concerned about the integrity of a financial intermediary will require their funds to be kept in "allocated accounts". For example, at the [[London bullion market]] investors can retain their precious metals in ''allocated'' or ''unallocated'' accounts. Allocated accounts must have clients' gold (or other precious metals) physically stored on behalf of that individual client. A financial institution permitting this gold to be leased, sold or used by its traders would be guilty of embezzlement. Unallocated accounts simply record the clients' assets as a liability on the books of the financial institution and do not need to be backed by the physical metal. This theoretically allows the financial institution to legally issue multiple claims on its unallocated gold reserves.		Many clients concerned about the integrity of a financial intermediary will require their funds to be kept in "allocated accounts". For example, at the [[London bullion market]] investors can retain their precious metals in ''allocated'' or ''unallocated'' accounts. Allocated accounts must have clients' gold (or other precious metals) physically stored on behalf of that individual client. A financial institution permitting this gold to be leased, sold or used by its traders would be guilty of embezzlement.<ref>[http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/12/8_Turk_-_Swiss_Bank_Client_Battles_Over_2_Months_For_His_Silver.html Bank Client Battles to get Silver], King World News</ref> Unallocated accounts simply record the clients' assets as a liability on the books of the financial institution and do not need to be backed by the physical metal. This theoretically allows the financial institution to legally issue multiple claims on its unallocated gold reserves.

	Another obvious method to deter embezzlement is to regularly and unexpectedly move funds from one advisor or entrusted person to another when the funds are supposed to be available for withdrawal or use, to ensure that the ''full amount'' of the funds is available and no fraction of the savings has been embezzled by the person to whom the funds or savings have been entrusted.		Another obvious method to deter embezzlement is to regularly and unexpectedly move funds from one advisor or entrusted person to another when the funds are supposed to be available for withdrawal or use, to ensure that the ''full amount'' of the funds is available and no fraction of the savings has been embezzled by the person to whom the funds or savings have been entrusted.

Karmaisking: /* Safeguards against embezzlement */ grammar

2010-11-21T13:29:43Z

Safeguards against embezzlement: grammar

← Older revision		Revision as of 13:29, 21 November 2010
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	[[Internal control]]s such as [[separation of duties]] are common defenses against embezzlement. For example, at a movie theater, the task of accepting money and admitting customers into the theater is typically broken up into two jobs. One employee sells the ticket, and another employee takes the ticket and lets the customer into the theater. Because a ticket cannot be printed without entering the sale into the computer, and the customer cannot enter the theater without a ticket, both of these employees would have to collude in order for embezzlement to go undetected. This significantly reduces the chance of theft, because of the added difficulty in arranging such a conspiracy and the likely need to split the proceeds between the two employees, which reduces the payoff for each.		[[Internal control]]s such as [[separation of duties]] are common defenses against embezzlement. For example, at a movie theater, the task of accepting money and admitting customers into the theater is typically broken up into two jobs. One employee sells the ticket, and another employee takes the ticket and lets the customer into the theater. Because a ticket cannot be printed without entering the sale into the computer, and the customer cannot enter the theater without a ticket, both of these employees would have to collude in order for embezzlement to go undetected. This significantly reduces the chance of theft, because of the added difficulty in arranging such a conspiracy and the likely need to split the proceeds between the two employees, which reduces the payoff for each.

	Many clients concerned about the integrity of a financial intermediary will require their funds to be kept in "allocated accounts". For example, at the [[London bullion market]] investors can retain their precious metals in ''allocated'' or ''unallocated'' accounts. Allocated accounts must have clients' gold (or other precious metals) physically stored on behalf of that individual client. A financial institution permitting this gold to be leased, sold or used by its traders would be guilty of embezzlement. Unallocated accounts simply record the clients' assets as a liability on the books of the financial institution and ~~does~~ not need to be backed by the physical metal. This theoretically allows the financial institution to legally issue multiple claims on its unallocated gold reserves.		Many clients concerned about the integrity of a financial intermediary will require their funds to be kept in "allocated accounts". For example, at the [[London bullion market]] investors can retain their precious metals in ''allocated'' or ''unallocated'' accounts. Allocated accounts must have clients' gold (or other precious metals) physically stored on behalf of that individual client. A financial institution permitting this gold to be leased, sold or used by its traders would be guilty of embezzlement. Unallocated accounts simply record the clients' assets as a liability on the books of the financial institution and do not need to be backed by the physical metal. This theoretically allows the financial institution to legally issue multiple claims on its unallocated gold reserves.

	Another obvious method to deter embezzlement is to regularly and unexpectedly move funds from one advisor or entrusted person to another when the funds are supposed to be available for withdrawal or use, to ensure that the ''full amount'' of the funds is available and no fraction of the savings has been embezzled by the person to whom the funds or savings have been entrusted.		Another obvious method to deter embezzlement is to regularly and unexpectedly move funds from one advisor or entrusted person to another when the funds are supposed to be available for withdrawal or use, to ensure that the ''full amount'' of the funds is available and no fraction of the savings has been embezzled by the person to whom the funds or savings have been entrusted.

Forgottenman: +specific WP id

2010-11-17T14:00:02Z

+specific WP id

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	{{wikipedia text}}		{{wikipedia text\|\|396905744}}

	'''Embezzlement''' is the act of dishonestly appropriating or secreting assets by one or more individuals to whom such assets have been entrusted.<ref>[http://www.legal-explanations.com/definitions/embezzlement.htm Definition of "embezzlement" from Legal Explanations]</ref>		'''Embezzlement''' is the act of dishonestly appropriating or secreting assets by one or more individuals to whom such assets have been entrusted.<ref>[http://www.legal-explanations.com/definitions/embezzlement.htm Definition of "embezzlement" from Legal Explanations]</ref>

Karmaisking: /* See also */

2010-11-17T12:14:24Z

Karmaisking: /* Methods of embezzlement */ typo

2010-11-17T12:13:53Z

Methods of embezzlement: typo

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	Some of the most complex (and potentially most lucrative) forms of embezzlement involve [[Ponzi scheme\|Ponzi-like]] financial schemes where high returns to early investors are paid out of funds received from later investors duped into believing they are themselves receiving entry into a high return investment scheme. The [[Madoff investment scandal]] is an example of this kind of high level embezzlement scheme, where is it alleged $65 billion was siphoned off from gullible investors and financial institutions.		Some of the most complex (and potentially most lucrative) forms of embezzlement involve [[Ponzi scheme\|Ponzi-like]] financial schemes where high returns to early investors are paid out of funds received from later investors duped into believing they are themselves receiving entry into a high return investment scheme. The [[Madoff investment scandal]] is an example of this kind of high level embezzlement scheme, where is it alleged $65 billion was siphoned off from gullible investors and financial institutions.

	As noted above, some Austrian thinkers such as [[Murray Rothbard]] consider the whole central-bank dominated banking system to be a worldwide Ponzi scheme of gigantic proportions - the biggest Ponzi scheme in the history of ~~the~~ humanity.		As noted above, some Austrian thinkers such as [[Murray Rothbard]] consider the whole central-bank dominated banking system to be a worldwide Ponzi scheme of gigantic proportions - the biggest Ponzi scheme in the history of humanity.

	==Tax consequences==		==Tax consequences==

Karmaisking: /* Relevance to the Austrian School */

2010-11-17T07:58:14Z

Relevance to the Austrian School

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	==Relevance to the Austrian School==		==Relevance to the Austrian School==
	The Austrian School is unique in that it is the only School of economics where its prominent members consider [[fractional reserve banking]] to be a form of legalized embezzlement. It is therefore an important aspect in understanding ~~the~~ Austrian criticisms of the practice of modern banking and modern finance more generally.		The Austrian School is unique in that it is the only School of economics where its prominent members consider [[fractional reserve banking]] to be a form of legalized embezzlement. It is therefore an important aspect in understanding Austrian criticisms of the practice of modern banking and modern finance more generally.

	Prominent Austrian economist [[Murray Rothbard]] and more recently Austrian economists such as [[Jorg Guido Hulsmann]] and [[Jesus Huerta de Soto]] have condemned [[fractional reserve banking]] as a form of misappropriation or recursive embezzlement. Rothbard strongly opposed [[central banking]] and [[fractional reserve banking]] under a [[fiat money]] system, labeling it as "legalized counterfeiting"<ref>[http://www.fff.org/freedom/0999c.asp The Case for a 100% Gold Dollar], Murray Rothbard</ref> or a form of institutionalized embezzlement and therefore inherently [[fraud]]ulent.<ref>"It should be clear that modern [[fractional reserve banking]] is a [[shell game]], a [[Ponzi scheme]], a [[fraud]] in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipt." Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref><ref name="What is Money">[http://www.lewrockwell.com/north/north769.html What is Money?], [[Gary North]]</ref> He characterized the government-enforced prohibition on citizens using [[gold as money\|commodity currencies]] as legal tender a compulsory [[Ponzi scheme]], a [[Ponzi scheme]] from which no citizen could escape.<ref name="What is Money"/><ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref>		Prominent Austrian economist [[Murray Rothbard]] and more recently Austrian economists such as [[Jorg Guido Hulsmann]] and [[Jesus Huerta de Soto]] have condemned [[fractional reserve banking]] as a form of misappropriation or recursive embezzlement. Rothbard strongly opposed [[central banking]] and [[fractional reserve banking]] under a [[fiat money]] system, labeling it as "legalized counterfeiting"<ref>[http://www.fff.org/freedom/0999c.asp The Case for a 100% Gold Dollar], Murray Rothbard</ref> or a form of institutionalized embezzlement and therefore inherently [[fraud]]ulent.<ref>"It should be clear that modern [[fractional reserve banking]] is a [[shell game]], a [[Ponzi scheme]], a [[fraud]] in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipt." Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref><ref name="What is Money">[http://www.lewrockwell.com/north/north769.html What is Money?], [[Gary North]]</ref> He characterized the government-enforced prohibition on citizens using [[gold as money\|commodity currencies]] as legal tender a compulsory [[Ponzi scheme]], a [[Ponzi scheme]] from which no citizen could escape.<ref name="What is Money"/><ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref>

Karmaisking: /* Relevance to Austrian School */

2010-11-17T07:57:33Z

Relevance to Austrian School

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	'''Lawful Possession:''' The critical element is that the defendant must have been in lawful possession of the property at the time of the fraudulent conversion and not have mere custody of the property. If the defendant had lawful possession the crime is embezzlement. If the defendant merely had custody, the crime is [[larceny]].<ref>inger & LaFond, Criminal Law (Aspen 1987) at 261</ref> Determining whether a particular person had lawful possession or mere custody is sometimes extremely difficult.		'''Lawful Possession:''' The critical element is that the defendant must have been in lawful possession of the property at the time of the fraudulent conversion and not have mere custody of the property. If the defendant had lawful possession the crime is embezzlement. If the defendant merely had custody, the crime is [[larceny]].<ref>inger & LaFond, Criminal Law (Aspen 1987) at 261</ref> Determining whether a particular person had lawful possession or mere custody is sometimes extremely difficult.

	==Relevance to Austrian School==		==Relevance to the Austrian School==
	The Austrian School is unique in that it is the only School of economics where its prominent members consider [[fractional reserve banking]] to be a form of legalized embezzlement. It is therefore an important aspect in understanding the Austrian criticisms of the practice of modern banking and modern finance more generally.		The Austrian School is unique in that it is the only School of economics where its prominent members consider [[fractional reserve banking]] to be a form of legalized embezzlement. It is therefore an important aspect in understanding the Austrian criticisms of the practice of modern banking and modern finance more generally.

Karmaisking: /* Methods of embezzlement */

2010-11-17T01:58:03Z

Methods of embezzlement

← Older revision		Revision as of 01:58, 17 November 2010
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	Some of the most complex (and potentially most lucrative) forms of embezzlement involve [[Ponzi scheme\|Ponzi-like]] financial schemes where high returns to early investors are paid out of funds received from later investors duped into believing they are themselves receiving entry into a high return investment scheme. The [[Madoff investment scandal]] is an example of this kind of high level embezzlement scheme, where is it alleged $65 billion was siphoned off from gullible investors and financial institutions.		Some of the most complex (and potentially most lucrative) forms of embezzlement involve [[Ponzi scheme\|Ponzi-like]] financial schemes where high returns to early investors are paid out of funds received from later investors duped into believing they are themselves receiving entry into a high return investment scheme. The [[Madoff investment scandal]] is an example of this kind of high level embezzlement scheme, where is it alleged $65 billion was siphoned off from gullible investors and financial institutions.

			As noted above, some Austrian thinkers such as [[Murray Rothbard]] consider the whole central-bank dominated banking system to be a worldwide Ponzi scheme of gigantic proportions - the biggest Ponzi scheme in the history of the humanity.

	==Tax consequences==		==Tax consequences==

Karmaisking: /* Relevance to Austrian School */

2010-11-17T01:56:01Z

Relevance to Austrian School

← Older revision		Revision as of 01:56, 17 November 2010
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	The Austrian School is unique in that it is the only School of economics where its prominent members consider [[fractional reserve banking]] to be a form of legalized embezzlement. It is therefore an important aspect in understanding the Austrian criticisms of the practice of modern banking and modern finance more generally.		The Austrian School is unique in that it is the only School of economics where its prominent members consider [[fractional reserve banking]] to be a form of legalized embezzlement. It is therefore an important aspect in understanding the Austrian criticisms of the practice of modern banking and modern finance more generally.

	Prominent Austrian economist [[Murray Rothbard]] and more ~~recent~~ Austrian economists such as [[Jorg Guido Hulsmann]] and [[Jesus Huerta de Soto]]) have condemned [[fractional reserve banking]] as a form of misappropriation or recursive embezzlement. Rothbard strongly opposed [[central banking]] and [[fractional reserve banking]] under a [[fiat money]] system, labeling it as "legalized counterfeiting"<ref>[http://www.fff.org/freedom/0999c.asp The Case for a 100% Gold Dollar], Murray Rothbard</ref> or a form of institutionalized embezzlement and therefore inherently [[fraud]]ulent.<ref>"It should be clear that modern [[fractional reserve banking]] is a [[shell game]], a [[Ponzi scheme]], a [[fraud]] in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipt." Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref><ref name="What is Money">[http://www.lewrockwell.com/north/north769.html What is Money?], [[Gary North]]</ref> He characterized the government-enforced prohibition on citizens using [[gold as money\|commodity currencies]] as legal tender a compulsory [[Ponzi scheme]], a [[Ponzi scheme]] from which no citizen could escape.<ref name="What is Money"/><ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref>		Prominent Austrian economist [[Murray Rothbard]] and more recently Austrian economists such as [[Jorg Guido Hulsmann]] and [[Jesus Huerta de Soto]] have condemned [[fractional reserve banking]] as a form of misappropriation or recursive embezzlement. Rothbard strongly opposed [[central banking]] and [[fractional reserve banking]] under a [[fiat money]] system, labeling it as "legalized counterfeiting"<ref>[http://www.fff.org/freedom/0999c.asp The Case for a 100% Gold Dollar], Murray Rothbard</ref> or a form of institutionalized embezzlement and therefore inherently [[fraud]]ulent.<ref>"It should be clear that modern [[fractional reserve banking]] is a [[shell game]], a [[Ponzi scheme]], a [[fraud]] in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipt." Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref><ref name="What is Money">[http://www.lewrockwell.com/north/north769.html What is Money?], [[Gary North]]</ref> He characterized the government-enforced prohibition on citizens using [[gold as money\|commodity currencies]] as legal tender a compulsory [[Ponzi scheme]], a [[Ponzi scheme]] from which no citizen could escape.<ref name="What is Money"/><ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref>

	He strongly advocated [[full reserve banking]] ("100 percent banking")<ref>[http://mises.org/story/3480 The Case Against the Fed], Murray Rothbard: 'A [[gold standard\|gold-coin standard]], coupled with instant liquidation for any bank that fails to meet its contractual obligations, would bring about a [[free banking]] system so “[[hard currency\|hard]]” and sound, that any problem of [[monetary inflation\|inflationary]] credit or [[counterfeit money\|counterfeiting]] would be minimal. It is perhaps a “second-best” solution to the ideal of treating [[fractional-reserve banking\|fractional-reserve bankers]] as [[embezzlement\|embezzlers]], but it would suffice at least as an excellent solution for the time being, that is, until people are ready to press on to [[full reserve banking\|full 100 percent banking]].'</ref> and a voluntary, nongovernmental [[gold standard]]<ref>See also these Rothbard articles: [http://www.mises.org/money.asp What Has Government Done to Our Money?], [http://www.mises.org/story/1829 The Case for the 100% Gold Dollar]; [http://www.lewrockwell.com/rothbard/cartelization.pdf The Fed as Cartel], [http://www.lewrockwell.com/rothbard/rothbard191.html Private Coinage], [http://www.lewrockwell.com/rothbard/rothbard190.html Repudiate the National Debt]; [http://www.lewrockwell.com/rothbard/rothbard181.html Taking Money Back], [http://www.lewrockwell.com/rothbard/rothbard163.html Anatomy of the Bank Run], [http://www.lewrockwell.com/rothbard/rothbard128.html Money and the Individual]</ref> or, as a second best solution, [[free banking]] (which he also called "free market money").<ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], Ludwig von Mises Institute. 2008. p. 111, 278</ref>		He strongly advocated [[full reserve banking]] ("100 percent banking")<ref>[http://mises.org/story/3480 The Case Against the Fed], Murray Rothbard: 'A [[gold standard\|gold-coin standard]], coupled with instant liquidation for any bank that fails to meet its contractual obligations, would bring about a [[free banking]] system so “[[hard currency\|hard]]” and sound, that any problem of [[monetary inflation\|inflationary]] credit or [[counterfeit money\|counterfeiting]] would be minimal. It is perhaps a “second-best” solution to the ideal of treating [[fractional-reserve banking\|fractional-reserve bankers]] as [[embezzlement\|embezzlers]], but it would suffice at least as an excellent solution for the time being, that is, until people are ready to press on to [[full reserve banking\|full 100 percent banking]].'</ref> and a voluntary, nongovernmental [[gold standard]]<ref>See also these Rothbard articles: [http://www.mises.org/money.asp What Has Government Done to Our Money?], [http://www.mises.org/story/1829 The Case for the 100% Gold Dollar]; [http://www.lewrockwell.com/rothbard/cartelization.pdf The Fed as Cartel], [http://www.lewrockwell.com/rothbard/rothbard191.html Private Coinage], [http://www.lewrockwell.com/rothbard/rothbard190.html Repudiate the National Debt]; [http://www.lewrockwell.com/rothbard/rothbard181.html Taking Money Back], [http://www.lewrockwell.com/rothbard/rothbard163.html Anatomy of the Bank Run], [http://www.lewrockwell.com/rothbard/rothbard128.html Money and the Individual]</ref> or, as a second best solution, [[free banking]] (which he also called "free market money").<ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], Ludwig von Mises Institute. 2008. p. 111, 278</ref>

Karmaisking: /* Relevance to Austrian School */

2010-11-17T01:55:13Z

Relevance to Austrian School

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	==Relevance to Austrian School==		==Relevance to Austrian School==
	The Austrian School is unique in that it is the only School of economics where its prominent members consider [[fractional reserve banking]] to be a form of legalized embezzlement.		The Austrian School is unique in that it is the only School of economics where its prominent members consider [[fractional reserve banking]] to be a form of legalized embezzlement. It is therefore an important aspect in understanding the Austrian criticisms of the practice of modern banking and modern finance more generally.

	Prominent Austrian economist [[Murray Rothbard]] and more recent Austrian economists such as [[Jorg Guido Hulsmann]] and [[Jesus Huerta de Soto]]) have condemned [[fractional reserve banking]] as a form of misappropriation or recursive embezzlement. Rothbard strongly opposed [[central banking]] and [[fractional reserve banking]] under a [[fiat money]] system, labeling it as "legalized counterfeiting"<ref>[http://www.fff.org/freedom/0999c.asp The Case for a 100% Gold Dollar], Murray Rothbard</ref> or a form of institutionalized embezzlement and therefore inherently [[fraud]]ulent.<ref>"It should be clear that modern [[fractional reserve banking]] is a [[shell game]], a [[Ponzi scheme]], a [[fraud]] in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipt." Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref><ref name="What is Money">[http://www.lewrockwell.com/north/north769.html What is Money?], [[Gary North]]</ref> He characterized the government-enforced prohibition on citizens using [[gold as money\|commodity currencies]] as legal tender a compulsory [[Ponzi scheme]], a [[Ponzi scheme]] from which no citizen could escape.<ref name="What is Money"/><ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref>		Prominent Austrian economist [[Murray Rothbard]] and more recent Austrian economists such as [[Jorg Guido Hulsmann]] and [[Jesus Huerta de Soto]]) have condemned [[fractional reserve banking]] as a form of misappropriation or recursive embezzlement. Rothbard strongly opposed [[central banking]] and [[fractional reserve banking]] under a [[fiat money]] system, labeling it as "legalized counterfeiting"<ref>[http://www.fff.org/freedom/0999c.asp The Case for a 100% Gold Dollar], Murray Rothbard</ref> or a form of institutionalized embezzlement and therefore inherently [[fraud]]ulent.<ref>"It should be clear that modern [[fractional reserve banking]] is a [[shell game]], a [[Ponzi scheme]], a [[fraud]] in which fake warehouse receipts are issued and circulate as equivalent to the cash supposedly represented by the receipt." Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref><ref name="What is Money">[http://www.lewrockwell.com/north/north769.html What is Money?], [[Gary North]]</ref> He characterized the government-enforced prohibition on citizens using [[gold as money\|commodity currencies]] as legal tender a compulsory [[Ponzi scheme]], a [[Ponzi scheme]] from which no citizen could escape.<ref name="What is Money"/><ref>Rothbard, Murray. [http://www.mises.org/Books/mysteryofbanking.pdf ''The Mystery of Banking''], pp. 96-97, 89-94</ref>

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	==See also==		==See also==
	*[[Fractional reserve banking]]		*[[Fractional reserve banking]]
	*[[~~Fraud]]~~		*[[Ponzi scheme]]
	*[[White Collar Crime]]

	==References==		==References==
	{{reflist}}		{{reflist}}