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. (1776), Thomas
Jefferson - 3 - :
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fiat money, , : Let it be done
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(reserves) . ,
(collateral)
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, 27 2008, , 1.
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(cognitive dissonance),
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(Bank of Canada), Graham Towers:
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, (brand new money).4

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(goldsmiths).5 ,
()
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() (vault cash) ()
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, 2% (
), 30%
. , (repos)
0% 30% . . ECB Minimum Reserves
4
Graham Towers (1897-1975). Bank of Canada. 20 (1934 -1954)
.
Graham Towers Banking and Commerce,1939.
5
Bank of England (1694), o
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1 . Charles II (1660-1685),
10,000 . ,
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, (safekeeping)
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10% 20% ,
vault .
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1
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(paper money) 5
10 .
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10% 10
, 100% ,
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, Bank of England.
1694
, (joint stock company).
.
5

, William
Louis XIV,
.
,
William Paterson, .
Bank of England,
1,200,000.
William 8% !
Mercers Chapel
.

: 1)
2)
3)

(coin) 4)
5)
(collateral) 6)
, 8%
7)
(reserves)
. 6

Charles Montagu,

Paterson. ,
,
, Charles Montagu
. , 27 1694
:
(The Governor and the Company of the Bank of England),
300 .
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cabal () !
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Edward Griffin, The Creature from Jekyll Island, American Media, 5 edition, 2010 p. 176

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, Paterson , William
Marlborough
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(Credit Revolution) ,
, , fiat ,
par excellence , .

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1960, ,
,
- - :

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,
. .8

,
, James Tobin :
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(hot potato) ,
, .9
, Tobin,

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(lender of last resort)

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,
, (collateral)

Carroll Quigley, Tragedy and Hope, A History of the World in our Time, p. 49, The Bank hath benefit of interest
on all moneys which it creates out of nothing. , Quigley William
Paterson , Sir Edward Holden, Midland Bank
18 1907, , .
8

George Halm, Economics of Money and Banking, Irwin 1961 p.57.


James Tobin, Commercial Banks as Creators of Money, in Readings in Money, National Income and Stabilization
Policy, Edited by W. Smith and R. Teigen, Irwin, 1965, p.156. Yale University, Nobel (1981).
9

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(credit lines)
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bona fide
. , ,
(reserves),
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,
,
8

, .

, reserves.
, , 10
(money supply)
, .
Milton Friedman.
, ,
. ,
1980, Reagan Thatcher.
,
.

. equilibrium
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,
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,
bonus .
,
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,
, .

2008,
10

laissez - faire ,
(money supply)
.
:
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( ),
, Friedman ,
, . ,
,
, Milton Friedman.

, Federal
Reserve , .

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, , coup
de grace . ,
(too big to fail),
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