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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 Cyrille - Apr 18 8 comments
by Cyrille - Apr 12 29 comments
by ARGeezer - Apr 18 6 comments
by DoDo - Apr 6 39 comments
by Cyrille - Apr 8 6 comments
by Oui - Apr 16 3 comments
by ARGeezer - Mar 31 10 comments
by Zwackus - Mar 29 10 comments
by ARGeezer - Apr 186 comments
by Cyrille - Apr 188 comments
by Oui - Apr 163 comments
by Cyrille - Apr 1229 comments
by Cyrille - Apr 86 comments
by DoDo - Apr 639 comments
by aquilon - Apr 3158 comments
by ARGeezer - Mar 3110 comments
by Zwackus - Mar 2910 comments
by DoDo - Mar 279 comments
by Xavier in Paris - Mar 275 comments