[dgb23]

> That's how banks used to operate actually.

I assume this is not easily generalized but I'm curious to know more about this, what the context is, what the historical turning points are.

[Synaesthesia]

Economist Michael Hudson has written about it, his point of comparison is usually the german banks of the 19th century which financed rapid development of their industry to US banks post 1970 which mostly speculated and invested in Finance and Real Estate (FIRE sector)

[dgb23]

Thank you, he seems to have very distinct and interesting views!