Why War Runs on Fiat
summary
Claim: wars run on fiat, illustrated by Britain 1914. A bank run finds the Bank of England with 31% gold reserves, so it prints £300M in August, suspends gold redemption, and launches a £350M bond sale (55% of public debt) that sells less than a third — under 100,000 investors out of 46M. Two Bank of England employees buy roughly two thirds of the issue with newly created credit; the Financial Times falsely proclaims oversubscription, corrected only in 2017.
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