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after a couple of nasty banking panics with associated general industrial depressions, the sovereign clamped down and nationalised the reserve banks, creating the modern central bank system.

It should be noted that this led directly to the first great "financialization" of the US economy, which crashed in '29, was reformed in '33 only to see those reforms dismantled in the '80s and '90s. It should also be noted that the Era of Private Banks came about because of the success of Andrew Jackson in preventing the renewal of the charter of the Second Bank of the United States, which was a glorified private bank. Jackson's constituents largely were and saw themselves as the victims of developing "financialization" which was operating to the benefit of the private owners of the Second Bank. We never really have devised a long term solution to provide a safe, socially beneficial banking system in the USA.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Oct 15th, 2010 at 01:39:49 PM EST
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