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" ... As I've said before, fractional reserve banking systems have a habit of falling over. It's inherent in the maturity transformation that such a system does. The solution to this is deposit insurance but that solution comes with its own problem, moral hazard. If we all know that whatever happens then the government gives us our money back then we'll be tempted to shovel our money into banks run by spivs who promise us great wealth. They then gamble the money and if they win, we win, we get our high interest. If they lose then we still get our money back from the government. This is what we mean by moral hazard. ... "