It was spearheaded by Hamilton in the U.S. late 18th century, and that’s a whole separate rabbit hole to go down, but the fact of the matter is that it was nothing like it is today pre-Fiat. It was used as an actual

way to raise hard money equity to fund projects. Now it is basically a mechanism for founders to cash out, and to supplement cash flow.

Additionally, the pressure by the state has become a weapon that didn’t exist back then as it does today. This is the real problem.