But not a centrally-planned one, right?
One that we can all agree on.
With Rothbard, it usually comes down to quibbles over how to properly fill out a balance sheet, and while he makes good points, a non-Austrian usually doesn’t really give a damn about that sort of thing; it’s simply enough to him/her that fractional reserve banks make the loan market more “liquid” than it would be without (as if that’s a good thing) and that 99.999% of the time, the clients’ demand deposits can be withdrawn at any time. Perhaps this way isn’t any more effective than Rothbard’s way, but it’s another tool in your persuasive toolkits.
Same as with any other bankruptcy.