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The two
extreme types of monetary systems are: the 'realist' under which each unit of money has, as a
counter-part in the balance-sheet of the bank that has issued it, an asset that
can be sold on the market for an equal value; and the ‘nominalist’ under which
money is nothing but a token, void of substance. All the systems that have been, are, or will be in force range
somewhere between these two models. (my
emphasis)