On 2011-09-26 11:20 AM, John Levine wrote:
It was that, being a metal-based currency there was no central bank
(other than, perhaps, JP Morgan) to provide liquidity in a crunch.
The crunch resulted from bankers borrowing other people's money to make
risky bets: Heads the bankers won, tails someone else loses. One day
the bankers lost, and a "liquidity" crisis ensued.
Sounds familiar?
Having a government apparatus to fix liquidity crises is not a solution.
I recommend instead bankruptcy, and indentured servitude to for those
bankrupts whose lenders were misled.
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