| A long-forgotten alternative to unfettered credit creation...After the Napoleonic Wars the introduction of the gold standard led to economic gridlock as labor and materials were abundant, but much-needed projects could not be funded for want of cash. So Guernsey States issued their own notes to fund projects, rather than borrowing from an English bank, and so paid no interest on the debt. |
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At goldnews.bullionvault.com
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