A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do t...

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A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn’t have rules that prevent it.

Charlie Munger

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Charlie Munger

American business magnate, lawyer, investor, and philanthropist

January 1st, 1924 - November 28th, 2023

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