The first fractional reserve lenders (typically the goldsmiths of bygonedays) were those who issued receipts for storage of gold on behalf of others in the community, and who made a side business of lending.
"Bennett reminds me of the European politics of bygonedays, " said Mr Kaniuk, alluding to the rise of the far-right led by demagogues in the 1920s and '30s.
Nothing worse than commencement speakers droning on about bygonedays. (Laughter.) But for all the differences, the Class of 1983 actually had a lot in common with all of you.