Why banking in 19th century America was like crypto today | FT #shorts

Until 150 years ago, you had this explosion of homemade finance. And as a result, you had this obsession with people worrying about whether something was real or fake. But there was a real sense that anyone could go out and kind of create their own money if they wanted.Then you had the state come in and essentially you took away people's power just to create their own money. But we're back now in a era that had so many echoes of this. So we've had the explosion of meme coins, cryptocurrencies, and now stabl ...