
Charles Calomiris on FinTech
Policy@McCombs
The History of the Us
The western world basically invented government issued paper money during the colonial period. Ben franklin, in 17 38, at the age of 23, wrote a wonderful pamphlet about how you can relax these constraints and spur development by making intelligent use of paper money. All this kind of thinking starts around in the late 16 hundreds as ways to try to relax some constraints tot have to do with reliance on species. And hugelike intellect brought to bear on this question, it comes up with all those dimensions that other countries copy,. So the bank of montreal in canada, that charter is a copy of hamilton's first charter for the bank of the united states. The us has been playing this role
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