Bizarre Shadowy Paper-Based Payment System Being Rolled Out Worldwide

Re:Bizarre Shadowy Paper-Based Payment System Being Rolled O... by dragontamer on Tuesday February 18, 2014 @12:17PM (#7259403)

Yes, because the "Centralized Bank" in 1929 caused the bank runs.

Oh wait, centralized banking didn't exist back then? Fractional Reserve Systems didn't happen back then? And yet you have a decade of the greatest bank-runs of US History?

And ever since the fractional reserve system was invented, there hasn't been a national-scale bank run in the US for nearly 100 years?

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Re:Bizarre Shadowy Paper-Based Payment System Being Rolled O... by andrewla on Tuesday February 18, 2014 @12:31PM (#7259506)

You might want to check your dates. From wikipedia[1]:

"The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907."

[1] http://en.wikipedia.org/wiki/Federal_Reserve_System

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Re:Bizarre Shadowy Paper-Based Payment System Being Rolled O... by jamoes on Tuesday February 18, 2014 @12:30PM (#7259500)

The Federal Reserve came into existence in 1913, and fractional reserve banking was absolutely being practiced in 1929.

If you're going to act all exasperated about something, at least get your facts right.

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Re:Bizarre Shadowy Paper-Based Payment System Being Rolled O... by dllthomas on Tuesday February 18, 2014 @12:44PM (#7259604)

Fractional reserve banking dates back to at least the 1600s, practiced by goldsmiths in a time when currencies where privately issued.

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