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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 ARGeezer - Dec 15 45 comments
by DoDo - Dec 18 1 comment
by das monde - Dec 14 17 comments
by LEP - Dec 9 26 comments
by gmoke - Dec 17
by Democrats Ramshield - Dec 16 1 comment
by gmoke - Dec 2 7 comments
by ARGeezer - Dec 8 16 comments
by DoDo - Dec 181 comment
by gmoke - Dec 17
by ReGiNuss - Dec 171 comment
by Democrats Ramshield - Dec 161 comment
by ARGeezer - Dec 1545 comments
by das monde - Dec 1417 comments
by LEP - Dec 926 comments
by ARGeezer - Dec 816 comments
by gmoke - Dec 72 comments
by rz - Dec 415 comments
by gmoke - Dec 27 comments
by A swedish kind of death - Dec 233 comments
by rz - Nov 3071 comments
by Migeru - Nov 2959 comments
by ARGeezer - Nov 242 comments
by Cyrille - Nov 247 comments
by ARGeezer - Nov 20
by gmoke - Nov 1916 comments