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In my opinion, if you own a hard-copy of a book you should be able to make an electronic version. But if you don't own the original hard-copy, you give it away or sell it, then you are no longer entitled to keep any copies and should destroy them. So no you should not borrow your friends books or library books and make your own personal copies with no intention of keeping the originals.
Again in my opinion, you can only claim "fair use" if you keep the originals to prove you own it.
That being said, I doubt anyone would go after an individual that did do this unless they were blatant about it or sharing their ill-gotten gains on the internet.
The original author of this thread was only talking about converting his library to digital. If he is a US citizen, I'm fairly certain he could claim "fair use" in this circumstance. Though I think it would be a time consuming ordeal.
On a related topic, if copyrights didn't last so long this wouldn't be as much of an issue. Personally I think copyrights should be no more than 20 years for most works and 5 to 10 for computer programs. You want to talk about orphaned works.
Etienne66
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