#7,662 in Business & money books
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Reddit mentions of A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States
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We found 1 Reddit mentions of A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States. Here are the top ones.
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> None of the above, any of the above, or all of the above, depending. It could be any of the above with little to no good regulations in place.
We had free-banking in the US where banks issued their own notes. When a bank went under some notes would be declared preferred or prime and would pay out at or near face value. Others would pay at pennies on the dollar. And the bank owners would make this decision, without disclosure, on their own. This is detailed in A Nation of Counterfeiters if you care to look.
Second, having a reserve requirement without a lender of last resort has not worked out well in the past. Why would if be different this time? Would banks hold reserves in competing currencies? How could they lend to each other?