On Fri, Oct 24, 2008 at 8:20 AM, <[EMAIL PROTECTED]> wrote: > There is also a substantial subculture in favour of "free banking" - ie, > using the obligations of privately owned banks as the currency, as was done > in Scotland in the 18th century*. This has some elements of fiat and some of > gold, in that the currency has to be ultimately convertible into gold, but > there is some scope for bankers to expand their issue. >
Didn't the US have something like this before the Civil War? -raghu. -- Auto Biography (n) - The life story of a car. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
