A friend of mine shared this this morning right before I released the blog post (translated from French):<p>> It reminds me of the US before the introduction of the FED in 1913, each bank "issued" its own currency. Money was exchanged with a discount, as an example a bank in Chicago could accept money from JP Morgan in New York at a 50% discount. There were a lot of financial crisis, mostly because money was not elastic enough and the interest rates would skyrocket when everyone was asking money, which ruined mostly farmers. It does not apply direclty to Settle (anyone can issue IOUs) but it's probably worth looking into this"<p>Found it quite interesting, and worth sharing it here as well.