100-Percent Reserves banking in Argentina and the Real Bills Doctrine
“There is no doubt that when a fractional reserve bank discounts commercial paper (real bills) it creates money (perfect monetary substitutes).”
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“There is no doubt that when a fractional reserve bank discounts commercial paper (real bills) it creates money (perfect monetary substitutes).”
Episodes that made a difference involved an ideological and philosophical battle about policy and the role
Our troubles don't stem from quotas, set-asides, and the like. They stem from the presumption that