Ultimately, this was all about a loss of trust. Even a perfectly sound bank can collapse, if trust is lost. Because banks are in the business of borrowing short and lending long, there is no way that they can call in loans if depositors are panicked into pulling their money out.
This sentence from Dr. Tim Morgans Blog on how lack of faith in currencies could be the story of the next collapse set me off this morning.
Having already encountered a rather bilious offering from Mitch Shedlock.on Universal Basic Income.
Sovereignty and subsidiarity
Who makes the rules and enforces them is sovereign. Direct democracy is about the legislative decisions, the rules, being made by the people for the people.
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- Convention: A Philosophical Study, Harvard University Press 1969.
https://www.rt.com/shows/renegade-inc/379579-uk-finance-curse-suffer/ For many years, we’ve been told that finance is good and more finance is better. But it doesn’t seem everyone in the UK is sharing the benefits. On this program, we ask a very simple question – can a country suffer from a finance curse? Host Ross Ashcroft is joined by City veteran David Buik and the man who coined the term Quantitative Easing, International Banking and Finance Professor Richard Werner.