THE HISTORY OF BANKING - excellent read!

[weatherbill]

http://www.xat.org/xat/moneyhistory.html

[jon_perez]

I find it ironic and interesting that in the account above which makes the tally stick fiat system out to be a good thing, considerably less valuable wooden sticks is promoted as being a better choice than the gold and silver of the moneychangers of that time.

The account above also neglects the other side of the story, which was that Charles II eventually used the tally stick monetary system as an excuse to overspend (since them sticks are so easy to come by) and drive his government to bankruptcy. See http://economist.mrwhipper.com/?p=535

The points we get from all this:

* a fiat money system can work well (as it apparently did for *hundreds* of years)

* but once a particular fiat money system has been abused, it is very difficult to restore trust in it. It is effectively destroyed.

* and further, that the control over the issuance of money is a very powerful privilege. But as to *who* should have that power and how that power should be regulated is a different story and is a very complex issue with no black and white answers.

[Chester Copperpot]

http://www.xat.org/xat/moneyhistory.html

Heres where I have a problem with this text:

"The colonies would gladly have borne the little tax on tea and other matters had it not been that England took away from the colonies their money, which created unemployment and dissatisfaction. The inability of the colonists to get power to issue their own money permanently out of the hands of George III and the international bankers was the PRIME reason for the Revolutionary War."
Benjamin Franklin's autobiography



I have not found this quote IN Ben Franklins autobiography.. It is definitely NOT in the original issue. And I cant find ANY other issues around althought there were was atleast one other one made in the 1800s by another author...

Ive seen this quote in several variations but still without printed word in any text...

If anybody has a reference for this It would be gladly appreciated.