patrick.net

Back when we had free banking, there were no bank failures. And no shopping around to get the best deal on your bank notes. And no honest free market, Austrian compliant bank ever absconded with the gold and left the notes unredeemed. There were never any crisis caused by banks overlending and defaulting, with their notes and by proxy the notes of other banks no longer accepted by buyers or sellers, but not enough PMs to go around.

The phrase "Bank Panic" was never heard in the era of wildcat free banking.

In fact, rich people hated hoarding gold and wanted to switch only to paper, which is why central banks today keep no gold.

A famous bankster once said, "Don't crucify my poor rich ass on a cross of gold."