The lesson is thus clear: Welcome multiple banks of issue and make sure there is always full convertibility, and bankers will be prudent and the economy will be stable and prosperous. Today we do not have banks of issue and notes cannot be converted …
Wealth of Nations, Book 2: Prudence, Competition, and Party Walls
The article highlights a critical economic and security oversight in modern banking systems: the lack of full convertibility in issued currency and the absence of multiple independent banks of issue, which historically ensured prudence and stability. Financial institutions, regulators, and national economies are affected, risking systemic instability, reduced trust in financial systems, and potential cascading failures in digital banking infrastructures.