Merchant bankers take in depositors money, lend the money to governments for wars and the cost of administrative functions, government cancels the debt to the merchant bankers who go bankrupt along with depositors. Merchant bankers tire of scam, take over governments and treasury…Federal Reserve Bank is implemented.
Instead of bags of wool for currency, bags of fiat money is used as currency.
https://www.british-history.ac.uk/manchester-uni/london-lay-subsidy/1332/pp93-135#fnn245