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Somebody really has to explain to people (and politicians, and unfortunately even to central bankers) how a regulatory bank resolution works.
Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
The metaphor of the ATMs not working was actually used to bring home to people the seriousness of the situation - unfortunately in an entirely misleading way.
So the key points are - debt restructuring is an entirely routine way of resolving structural imbalanced which have been allowed to build up between debtors and creditors - for which both are responsible, and yes, the ATMS (which is the sum total of many people's experience of banking - will continue to work before, during and after the process.
Index of Frank's Diaries
by Frank Schnittger - Jul 1 66 comments
by chumchu - Jul 2 18 comments
by Metatone - Jun 29 50 comments
by Frank Schnittger - Jun 28 32 comments
by Luis de Sousa - Jun 28 24 comments
by DoDo - Jun 23 22 comments
by das monde - Jun 26 34 comments
by Frank Schnittger - Jun 20 355 comments
by chumchu - Jul 218 comments
by Frank Schnittger - Jul 166 comments
by Metatone - Jun 2950 comments
by Luis de Sousa - Jun 2824 comments
by Frank Schnittger - Jun 2832 comments
by das monde - Jun 2634 comments
by DoDo - Jun 2322 comments
by gmoke - Jun 233 comments
by DoDo - Jun 214 comments
by Frank Schnittger - Jun 20355 comments
by melvin - Jun 1560 comments