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QUESTION
Britain, Switzerland and most other countries in the world currently use the fractional reserve banking system.
Britain, Switzerland and most other countries in the world currently use the fractional reserve banking system. The Swiss National Bank (SNB) says that this system is a 'decentralised, two-tier' system, compared to the full reserve (or 100% reserve) banking system proposed by the Swiss Vollgeld Initiative (VGI). Explain how fractional reserve banking is a decentralized two-tier system. Use references.
