Banking and the State

Written by Thorsten Polleit for Mises.org.

The founder of the Medici banking dynasty, Giovanni di Bicci de’ Medici (1360–1429), said to his children on his death bed: “Stay out of the public eye.” His words raise the question, “How much do bankers know about the truth of modern money and banking?”

To develop a meaningful answer to this question in the tradition of the Austrian School of economics, one has to start right at the beginning, and that is with the process of civilization.
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