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Banking
Banking is the study of the business conducted or services offered by a bank.
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“
In fact this is precisely the logic on which the Bank of England—the first successful modern central bank—was originally founded. In 1694, a consortium of English bankers made a loan of £1,200,000 to the king. In return they received a royal monopoly on the issuance of banknotes. What this meant in practice was they had the right to advance IOUs for a portion of the money the king now owed them to any inhabitant of the kingdom willing to borrow from them, or willing to deposit their own money in
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― Debt: The First 5,000 Years
― Debt: The First 5,000 Years
“
They'd saved the city with gold more easily, at that point, than any hero could have managed with steel. But, in truth, it had not exactly been gold, or even the promise of gold, but more like that fantasy of gold, the fairy dream that the gold is there, at the end of the rainbow, and will continue to be there forever--provided, naturally, that you don't go and look.
This is known as Finance.
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― Going Postal
― Going Postal
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