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Well we did have TrueCapitalism in the FreeBanking era where all banks could issue their own currency and they would go bust every Tuesday. https://en.wikipedi
by ClumsyPilot 2y ago
Well we did have TrueCapitalism in the FreeBanking era where all banks could issue their own currency and they would go bust every Tuesday.
https://en.wikipedia.org/wiki/Free_banking https://en.wikipedia.org/wiki/Free_banking
- liontwist 2y agoFrom your own article: > Although the period from 1837 to 1864 in the US is often referred to as the Free Banking Era, the term is a misnomer in terms of the definition of "free banking" above. Free Banking in the United States before the Civil War refers to various state banking systems based on what were called "free banking" laws at the time. These laws made it necessary for new entrants to secure charters, each of which was subject to a vote by the state legislature with obvious opportunities for corruption. These general banking laws also restricted banks' activities in important ways.