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A Masterclass In Central Banking | Professor Jane Knodell
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The Origins of the Currency
The specie was the best form of money. It's useful to think of money as a hierarchy. There's always one at the top and then others are defined in relationship to that one. This was still, specie was really king at this time. We did some mining of gold and silver in the 19th century, but this time we're doing nothing. The U.S. government borrowed abroad by borrowing in specie equivalent. That is from England. They're borrowing in French francs. they're borrowing in guilders.
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