In the Scottish free banking system until 1845, total losses suffered by banknote holders were miniscule compared to the losses borne mostly by taxpayers from bank failures in modern central-banking times.

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Speaker

George Selgin

Evidence Quote

the total losses suffered by holders of Scottish banknotes... we're really quite miniscule compared to losses that have been borne mostly by taxpayers as a result of bank failures in modern times

Source

George Selgin on Free Banking 11/17/2008EconTalk
Created: 6/15/2026, 9:20:23 AM

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