Venkatesh Rao@vgr·Jul 3, 2015Replying to @pmarca@pmarca I think I've seen it mentioned in multiple robber baron era books. Vanderbilt bio, Lind's land of promise...324
jvonneumann@jvonneumann·Jul 3, 2015Replying to @vgr@vgr @pmarca IIRC Friedman & Schwatz "Monetary History of the United States" discusses the era of "wildcat banking" with private currencies2
Venkatesh Rao@vgrReplying to @jvonneumann@jvonneumann @pmarca I think the basic problem with this for too long is extreme volatility. Esp when you're doing it with non-ag scrips.11:42 PM · Jul 3, 20151 Like
Gary Basin @garybasin·Jul 4, 2015Replying to @vgr@vgr @jvonneumann @pmarca and bouts of extreme deflation. Intense economic hardships, albeit short-lived11