The Past, Present and Future of Gold
Posted on February 16, 2023
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Amsterdam had the first truly centralized monetary entity, as it opened shop in 1609, but the Bank of Amsterdam lasted longer without trouble, having “only” started collapsing in 1790. In essence, the BoA took our love of growth a little too seriously. It expanded from being mostly a storage intermediary for gold and silver to a lender. And, when it turned out it had nowhere near the gold and silver holdings it should to lend the amounts it has, a crisis hit… until banking was made very modern once again, with banks being able to lend far and away in excess of what they have.
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It seems that a “bank” mixes up a “100% reserve custodian” and “fractional reserve lender”.
“We, The Sheeple” need to insist that the Gooferment differentiate between the two types of entities.