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S W
Member since May 2012
668 commentaries - 5 followers

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The Second Greatest Story Ever Told

- Antal E. Fekete - Gold University

Hi.
Is that a 3 out of 5 or a 3 out of 10?

Commented 3750 days ago

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Beginning of the headline :Fable has it that paper currency came into being as warehouse receipts issued by the goldsmith against gold left on deposit for safe-keeping. The owners found that they could make purchases with these warehouse receipts as easily as with gold coins. Then the goldsmith went on lending out at interest his fictitious warehouse receipts. According to this fable, the fraudulent business of the goldsmith in issuing warehouse receipts against non-existent gold was the embryonic form of the fractional-reserve banking of today... Read More

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