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Shortly thereafter, The New York Times published Warburg ’ s “ Defects and Needs of our Banking System .” Concerning its financial system, he argued, “ The United States is in fact at about the same point that had been reached by Europe at the time of the Medicis, and by Asia, in all likelihood, at the time of Hammurabi .” The chief reason for this lagging state of development was the lack of a central institution that could rediscount bank promissory notes to facilitate the exchange of promises of future payment for cash.
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Shortly and thereafter
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Shortly and New
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