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This is not correct. You could not xerox a library book and read it later. When you xerox a library book, you are creating a non legitimate copy of a book. It is not what the Betamax time shifting issue was about at all.
Time shifting was taking a legitimate copy of an episode and watching at a later time, not taking a copy to which you had no ownership of and using it at a later time. Further, it wasn't that time shifting was per se fair use, but that in the circumstances, it was fair use considering all the elements of fair use.
Do you think it would be okay to keep the copy of the library book for extended period of time? The library system rests on non possessory rights of borrowers.
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