Network States

/kieran

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hosting /kieran /usdc /loans 

The 1910 Jekyll Island meeting revolutionized banking by creating the Federal Reserve system. Key changes:

- Private banks could expand credit through fractional reserve banking
- Fed became the lender of last resort
- Shift from gold/silver to credit-based money
- Banks gained money creation powers through lending

The system's true impact emerged after abandoning the gold standard in 1971:

- Fed gained unlimited money supply control
- More extreme boom-bust cycles
- Asset inflation benefiting financial insiders
- Privatized profits, socialized losses

This framework still dominates modern finance, shaping wealth inequality and monetary policy.

"Chancellor on the Brink of Second Bailout for Banks..."