Re: [Pen-l] the era of free banking

To: Progressive Economics <pen-l@xxxxxxxxxxxxxxxxxx>
Subject: Re: [Pen-l] the era of free banking
From: Eugene Coyle <eugenecoyle@xxxxxxx>
Date: Mon, 27 Oct 2008 07:24:58 -0700
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I agree it was a good read. I now recall one other aspect of it. Strong banks used to secretly accumulate the bank notes of rivals. After amassing a significant amount, they would present them all at once for redemption into gold. The target wouldn't have enough on hand, having kept only fractional reserves, and so was either embarrassed or destroyed.

Gene Coyle


On Oct 26, 2008, at 8:44 PM, Laurence Shute wrote:

Perelman, Michael wrote:
Bray Hammond was a fed economist. The book is designed as a statement of the importance of the Fed. It was published in 1957.
But it's still a great read; well written.
Larry Shute
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Thread context:
- [Pen-l] decoupling, Jim Devine Mon 27 Oct 2008, 13:04 GMT
  - Re: [Pen-l] decoupling, Anthony D'Costa Mon 27 Oct 2008, 13:24 GMT
- Re: [Pen-l] Why is the U.S. dollar regarded as a safe haven., soula avramidis Mon 27 Oct 2008, 08:19 GMT
- Re: [Pen-l] the era of free banking, Laurence Shute Mon 27 Oct 2008, 03:22 GMT
  - Re: [Pen-l] the era of free banking, Eugene Coyle Mon 27 Oct 2008, 14:02 GMT
    - Re: [Pen-l] the era of free banking, Michael Perelman Mon 27 Oct 2008, 14:40 GMT
      
      Re: [Pen-l] the era of free banking, Jim Devine Mon 27 Oct 2008, 14:48 GMT
    - Re: [Pen-l] the era of free banking, Jim Devine Mon 27 Oct 2008, 14:40 GMT
  - <Possible follow-up(s)>
  - [Pen-l] the era of free banking, Charles Brown Mon 27 Oct 2008, 16:25 GMT

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