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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 afew - Jan 28 30 comments
by melo - Jan 23 4 comments
by gmoke - Jan 15 5 comments
by DoDo - Jan 20 4 comments
by Frank Schnittger - Jan 16 111 comments
by ChrisCook - Jan 1 66 comments
by afew - Jan 2830 comments
by melo - Jan 234 comments
by DoDo - Jan 204 comments
by Frank Schnittger - Jan 16111 comments
by gmoke - Jan 155 comments
by afew - Jan 550 comments
by rifek - Jan 59 comments
by DoDo - Jan 25 comments
by ChrisCook - Jan 166 comments
by melo - Dec 316 comments
by Metatone - Dec 3129 comments