Just before I release that blog post, a friend of mine shared over email how banks before the FED was created used to issue their own currency in the US and how

Just before I release that blog post, a friend of mine shared over email how banks before the FED was created used to issue their own currency in the US and how it led to recurrent financial crisis and skyrocketing interest rates that were eventually paid of by farmers. He also mentioned that it does not necessarily apply to Settle (anyone can issue assets not necessarily banks) but I figured it was interesting enough to share it here.