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Doesn't the Baroque Cycle have two approaches to banking in England - the Whig Bank of England and the competing Tory Land Bank (which used land rather than gol
by arethuza 7y ago
Doesn't the Baroque Cycle have two approaches to banking in England - the Whig Bank of England and the competing Tory Land Bank (which used land rather than gold as the underlying asset)?
- pjc50 7y agoI thought (via "Extraordinary Popular Delusions and the Madness of Crowds") that it was actually tied into the South Sea Bubble, and that the Bank's role was that of a central bank in a crisis: provision of unlimited liquidity, regardless of whether or not it's "backed" by anything.