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42 sats \ 2 replies \ @Bell_curve 12h \ parent \ on: Which is Worse: Taxes or Fiat Money? econ
The bank notes were not totally backed by gold.
Fractional reserve banking existed during the gold standard too
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62 sats \ 1 reply \ @Undisciplined 12h
Good point. I think there were periods with high reserve rates, though
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42 sats \ 0 replies \ @Bell_curve 12h
True but I am sure that number varied between banks and seasons etc
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