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You should read about the "new monetary economics" and the "BFH payment system" when BFH stands for (Fischer) Black, (Robert) Hall, (Eugene) Fama - the economis
by rojeee 5y ago
You should read about the "new monetary economics" and the "BFH payment system" when BFH stands for (Fischer) Black, (Robert) Hall, (Eugene) Fama - the economists who conceived the original idea. This paper is a decent review: https://ciaotest.cc.columbia.edu/journals/cato/v32i3/f_0026185_21444.pdf https://ciaotest.cc.columbia.edu/journals/cato/v32i3/f_00261...
- panick21_ 5y agoI will check it out. So far I have been skeptical about removing a base. My original comment is mostly based on "The Theory of Free Banking: Money Supply under Competitive Note Issue" by George Selgin. There is of course a lot more surrounding literature.