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Bank notes further increased trust, i.e. vulnerability. to the actions of third parties. Gold came to be held in centralized vaults, and IOUs for much more than the gold actually held were issued -- fractional reserve banking (FRB).https://twitter.com/bitstein/status/1145438009636085760 …
Governments helped set up the largest banks, which printed even more bank notes and used them to buy government debt. These banks became (Bank of England) or were set up as (Federal Reserve) note-issuing monopolies, which we now call central banks.
Eventually default turned these gold IOU paper notes into fiat. BofE started refusing to honor its notes in 1931. The Fed reduced the amount of gold it would redeem a dollar for in 1933, restricted gold trade by targeting the centralized bank vaults, and went full fiat in 1971.
Here's an example showing how, despite authority resemblance
https://unenumerated.blogspot.com/2016/07/artifacts-of-wealth-patterns-in_15.html …
the fundamental nature of U.S. dollars radically changed over the course of the 20th century. They look very similar, but the kind of money they represent is radically different.
ht @jp_koningpic.twitter.com/JF7KifIcXJ
Imagine if the government had put this as a ballot measure and let voters decide if this was their desired monetary system.
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