I agree it was a good read. I now recall one other aspect of it.
Strong banks used to secretly accumulate the bank notes of rivals.
After amassing a significant amount, they would present them all at
once for redemption into gold. The target wouldn't have enough on
hand, having kept only fractional reserves, and so was either
embarrassed or destroyed.
Gene Coyle
On Oct 26, 2008, at 8:44 PM, Laurence Shute wrote:
Perelman, Michael wrote:
Bray Hammond was a fed economist. The book is designed as a
statement
of the importance of the Fed. It was published in 1957.
But it's still a great read; well written.
Larry Shute
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