Venice used "money of account" successfully for several hundred years, and kept its value better than gold.

Just a little footnote on Italian banking -

Venice had a state bank (the Giro) that used all its deposits to obtain
freedom from the Turks, but thereafter operated a bank using
"money of account" successfully for several hundred years, and kept its value better than gold.
Its operations only ended when Venice was conquered by Napoleon,
who was surprised not to find any treasure in the Bank - only a set of
accounting books.

By contrast, Genoa followed conventional banking, and in the end the State
became so indebted that the Bankers foreclosed and became the government.

Shades of what is beginning to happen in the U.S.A.?

Martin Hattersley, 5929-189 St.,
EDMONTON AB CANADA T6M 2J1
Phone (780) 483-5442
e-mail <jmartinh@shaw.ca>

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