1 min readApr 22, 2019
Great article Nic Carter!
The only thing missing is that under the gold standard in the Gilded Age . . . banks, more so than the depositors, kept banks honest . . . by the time depositors learned of an insolvency it was often too late. Under the emerging of the gold standard . . . gold was the governor or governance. . . .
Commodity exchanges operate in a similar way. . . depositors with bad bank are bailed out by the strong banks . . . to protect the integrity of the system. . . so only the bad bank is punished and not the innocent depositors.
