DEVELOPMENT OF THE
UNITED STATES MONETARY SYSTEM
The American Founding Fathers originally intended a monetary system quite different from the one we have now. In fact, they had hoped to prevent many of the fiscal and economic problems with which our present monetary system is afflicted.
Historically, the principal mistakes grew out of two rather amazing monetary institutions which crept into our system. The first institution which poisoned the monetary well was the development of a privately owned central bank copied after the Bank of England. The second institution which brought on us a cycle of "boom and bust" economics was the adoption of a procedure for the creation of "money out of nothing" through a system of fractional banking.
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