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[Nicholas Kaldor, "The New Monetarism" , The Essential Kaldor , p. 481 and p. 482] This means that the notion that abolishing central banking will result in the use of gold and 100% reverses and so eliminate the business cycle is misplaced: "This view overlooks the fact that the emergence of money-substitutes -- whether in the form of bank notes, bank accounts, or credit cards -- was a spontaneous process, not planned or regulated 'from above' by some central authority, and for that...