"Fractional reserve banks never informed their depositors that some or all of their deposits would actually be loaned out and so could not possibly be ready for redemption at any time."
What?! I contend this fact has never, ever been hidden, and that almost everyone undertands it today. I learned this in middle school civics, I believe. The idea that this is "hidden" is stupid beyond belief.
- That may be pretty much true today, although it is arguable as to how much the customers are aware of this. However, the quote seems to be more about the history of FRB, and historically has been the fractional reserve banking demonstrably hidden from the customers (take the Bank of Amsterdam for one major example).