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At the same time, Strong additional consolidated the power of the fed by promoting a policy of relations with the Bank of England and other worldwide central banks. This gold was then offered by the Fed owners to any international, non U.S. The Archduke Maximilian of Austria supplied Mary of Burgundy a stunning gold diamond ring to show his love and commitment to her back then. Rather than carrying around large portions of cumbersome gold price and silver to pay for items and services, folks found it more convenient to store or deposit their hard foreign money with goldsmiths who would then issue receipts which might be exchanged upon demand for the gold or gold price now silver on deposit. This system was carried out in cycles which might impoverish the debtors and enrich the goldsmiths. With this realization, the goldsmiths started to produce extra receipts (forex) for the assets than they actually had on deposit.
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