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A century ago, many central banks across the world were owned privately. Then came along a Portuguese man called Alves Reis, who tried to buy the Bank of Portugal with fraudulent currency, hoping to legitimize his fraud after acquiring a controlling stake. His plan almost worked... until he was discovered, crashing the Portuguese economy and ushering in 50 years of dictatorship. Oops.
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Further Reading:
“Devouring the Heart of Portugal” by Alan Bellows - https://www.damninteresting.com/devou...
“The Portuguese Banknote Case” by Nigel Armstrong-Flemming - https://www.bhsportugal.org/uploads/f...
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