Fragile Banking System
Lyn explains how the fractional reserve system and gold peg led to the fragility of the banking system. She discusses the double counting of gold and the proliferation of claims, ultimately leading to the abandonment of the gold peg. The centralization and abstraction of credit allowed for the capture of the system, leading to the modern era of central banks holding gold and the dollar as the global unit of account.In this clip
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Bankless
193 - Lyn Alden's Masterclass On Money
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