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Base Money and Free Markets | The Snider Series | Episode 7 (WiM109)
The "What is Money?" Show
The Biggest Blind Spot for Most People
In certain parts of the 18 hundreds, in paper currency was not printed by a central bank. There wasn't one and number two, paper currency was printed by individual banking institutions. People may also be shocked to learn before two thousand eight, there were practically no bank reserves. For years, for decades, there were no bank reserves in the system. The reason is because the monetary system's global banking system created its own forms of liquidity that didn't include what the federal reserve was doing. That's just the most prominent example. You can look at this in any number of ways throughout history as well.
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