Great way of describing the difference!

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Tim Bouma

Mar 15, 2024, 11:21 AM

Great way of describing the difference!

“Free banking systems maintained exchange-rate stability by giving people the right to convert banknotes and deposits into gold or silver at a fixed rate.

The short of it is that central banks have been put in charge of managing a trilemma, where two of three objectives compromise the third.

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