by Ralph Benko | Jan 16, 2013 | Uncategorized
Originally posted on Wednesday, January 16, 2013 Share Adam Smith, in his An Inquiry into the Nature and Causes of the Wealth of Nations, praisesfractional reserve currency — if secure in the “confidence in the fortune, probity, and prudence of a...
by Ralph Benko | Jan 10, 2013 | Uncategorized
Originally posted on Thursday, January 10, 2013 Share Among the many commodities that have been used as money — such as seashells, tobacco, salt — the tail feathers of the Resplendent Quetzl — after whom the national currency of Guatemala is named...
by Ralph Benko | Jan 8, 2013 | Uncategorized
Originally posted on Tuesday, January 8th, 2013 The banks, they seem to have thought, could extend their credits to whatever sum might be wanted, without incurring any other expense besides that of a few reams of paper. They complained of the contracted views and...
by Ralph Benko | Jan 3, 2013 | Uncategorized
Originally posted on Thursday, January 3rd, 2013 The work of Sir Isaac Newton, as Master of the British Mint, in creating the classical gold standard is relatively well known. The work of an equally great scientist, Copernicus, who gave us the heliocentric model of...
by Ralph Benko | Jan 1, 2013 | Uncategorized
Tuesday, January 01, 2013 Share There is a proposal informally circulating in Washington to evade the debt limit by having the Treasury issue two $1 trillion dollar platinum coins. This is, at least superficially, reminiscent of the Zimbabwe currency debacle that...
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