In the late 19th century, the Russian empire was the largest State in the World… Its currency, the ruble backed by precious metal, was probably the strongest currency in the World.
But, the Russian Empire had needed many loans from foreigners … Why ??
Because Industrialization needs an almost unlimited amount of cash, and the russian financial system, based on a serious conception of the currency, was unable to cope with this problem without using some western methods and the concept of “Fractional Reserve Banking” …….
Can we imagine a Russian Empire keep a strong M0 in Copper, Silver and Gold ??? and authorizing some weathly people or banks to create their own local currency, to fill local needs, with a chartered conversion in Gold, Silver or Copper …. Russia had enough labor force and material resources to avoid to ask foreigners money ….
With the huge gap, between wealthy and the major part of the population in Imperial Russia, This idea could have been effective !!!!! The wealthy could become more wealthy and responsible, and the peasants could get a real medium of exchange to deal efficiently with daily problems.
On a post published on 31 July 2012, I have developed the idea of a unit of account named Toba : http://outsourcedresourcesbanking.blogspot.fr/2012/07/toba-unit-of-account.html
So, I will attempt to place this idea, in the Tsarist Russia, through an experimental banking uchronia. I try to be a numismatist, a vigilant citizen and an innovative independent researcher ….. I collect many silver rubles from this period.
I will continue to explain the
system and the method on this blog, and I will be focused on the current
opportunities to use it, but I open a
new blog and a twitter account for an experimental banking uchronia : www.twitter.com/banktoba and http://banktoba.blogspot.fr/
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