Insecure linkage of ordinary money to fractional reserves of a distinct base money can sometimes endanger the smooth working of modern monetary systems. This danger applies most obviously to the analogous insecure pegging of domestic to foreign currency. Worry would better focus, however, not on the size of reserve ratios but on the very existence of something distinct to which ordinary money is linked.
The Review of Austrian Economics – Springer Journals
Published: Oct 6, 2004
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