The Evolution of the Federal Reserve System

In most of the Western world, governments aren't yet at the point where they're directly printing all the money. There's still this fractional reserve system where the commercial banks actually create most of the new money. And so I think that step of depositing into a bank and then seeing the piece of paper that represents the coin, just like any other sort of title, I think over time that that caused just a disconnect in people's thinking of the paper is the money or not the gold behind it.