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Any economist who cites the US “free banking era” as proof that competitive currency systems, and “unregulated” ones especially, don’t work, doesn’t know his US banking history and knows even less about experiences elsewhere.
Alas, plenty of famous economists fit the bill.
19.7. klo 01.06
Matt is basically correct. People don’t realize that despite the name US “free” banks could not branch at all (hence only one redemption point), and all were _required_ to hold securities that were sometimes junk. 1/2
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