What Is "Fractional Reserve Banking?"
What Role Did The Goldsmiths Play? Writings by Richard Kotlarz
Column #46 THE FRACTIONAL RESERVE OF THE GOLDSMITH BANKER
(Week 8 – Thursday, Sept. 18)
The mode of banking now in use is commonly described as “fractional reserve banking.” The expression “fractional reserve” is one that is carried forward from an earlier form of the craft known as “goldsmith banking.” As applied to modern practice, this expression is a …
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