Even beyond the central bank’s existing stock of precious metals (gold, silver), banknotes can be issued without risk, as long as the principles of sound banking (good banking) are observed. This view – now taken for granted – was hotly disputed until around 1875. – See chrysomania, currency theory, money, private, money supply, money creation, Peel’s bank acts, currency, pegged, compulsory currency.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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