3 ms·
Not true, there was still debt, so unbacked money.
by justincormack 11y ago
Not true, there was still debt, so unbacked money.
- mikeash 11y agoHow much of currency reserves at the time consisted of debt?
- justincormack 11y agoDepends when you were talking about exactly. Currency reserves were not necessarily a thing. In most countries all banks were private, so there were no official reserves. For example the Bank of England was only nationalised in 1946. Fractional reserve banking has been around for centuries.