Originally posted by freedave
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Basis for what? You have two components there. The basis for the first is FDR saving the Fed from the run in 1933 (20-year charter expired). The basis for the second is that you do not get private credit from the Fed for free.
I elaborate on that greatly elsewhere because this thread is introductory. I suggest that if you are reading and are confused that you inquire in the thread that you wonder about.
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