re: #157 ggt

So, in my continuing research indirectly (seemingly) related to Dodd-Frank, I’ve been reading a scholarly type report published by the Federal Reserve Bank of Philadelphia in 1984. It is called: Private Clearinghouses and the Origins of Central Banking by Gary Gorton.

Sounds so dry, and it is, but then I read this:

OMG! Can you imagine? I LOL when I read it.

When the number of banks got to 50, they decided to create the clearinghouse. FIFTY! 50 “porters” running around NYC with bags of gold,

ROTFLAMO.

But Ron Paul approves!
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