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Grey

@jgreyfriend21,190 subscribers

Building cool stuff. Co-Founder @trykashu. Systems engr

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Between 1800 & 1910, America’s banking system was broken: • The U.S. had no central authority over currency • Over 30,000 types of banknotes were in circulation • Banks failed regularly (major panics in 1873, 1893, 1907) • No lender of last resort meant a single rumor could cause a bank run Wall Street was vulnerable. The public had lost trust. A system reboot was needed.

Between 1800 & 1910, America’s banking system was broken: • The U.S. had no central authority over currency • Over 30,000 types of banknotes were in circulation • Banks failed regularly (major panics in 1873, 1893, 1907) • No lender of last resort meant a single rumor could cause a bank run Wall Street was vulnerable. The public had lost trust. A system reboot was needed.

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