Bob responds to a recent interview where George Selgin says the historical record proves that fractional reserve banking is a market outcome. Bob gives two separate reasons, and ironically plays different Selgin clips to validate each of them.Mentioned in the Episode and Other Links of Interest:Selgin's interview on free banking. His debate with Murphy at the Soho Forum. And his recent interview with David Beckworth on Custodia.Murphy interviews Selgin on banks as credit intermediaries.John Cochrane on The Narrow Bank.Murphy's journal article critiquing the Selgin/White view of fractional reserve free banking.Help support the Bob Murphy Show.