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The goldsmith's ability to create money was based on the fact that:

Blair Lewis

in Business

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Bethany Evans on March 23, 2018

The goldsmith's ability to create money is based on the fact that: the Paper money in the form of gold receipts rarely redeemed for goldBecause of this phenomenon, our previous civilization gets the idea of opening a center for transfer of equity from one side to another, commonly known as the Banking System.


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