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Ron, You are quite right about both Rothschild's quote and your statement that Britain does not have a 100% reserve system. Private banks played an extremely important role in financing nations and issuing their currencies in the 19th Century, and the Rothschild's among others profited greatly...
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The textbook for my Principles of Macroeconomics class, Macroeconomics , 2nd ed. by R. Glenn Hubbard and Anthony Patrick O'Brien, has a section entitled "Money without a Government? The Strange Case of the Iraqi Dinar" (Chapter 13, p. 435 for anyone who is interested) in which the authors...