Anything pre-dating the fractional reserve system. Allowing entities to create value from no effort is not raising capital. Fractional Reserve systems lessen th

Anything pre-dating the fractional reserve system. Allowing entities to create value from no effort is not raising capital. Fractional Reserve systems lessen the skin-in-the-game spoken of earlier and transfer to societal decision making from the people doing the work and taking the risk to bureaucracies that are 'too big to fail'.