It's a bit optimistic that the lack of a central bank keeps things small, no? In Europe, for example, you didn't have traditional big central banking until the 1660s, but before you already had huge state owned/backed enterprises to monopolize colonial trade. Chartered firms too.
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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Agreed. Pre-Fed, "panics" would bankrupt a few dozen banks now and then, a standard culling process found throughout nature. Post-Fed, half the banks disappeared in the Great Depression. There shouldn't be a banking system, but merely so many banks.
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If we don't build the Titanic, she never sinks.
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