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You declare a bank holiday to deploy a credible solution to a banking problem. That's what FDR did in 1933 with his Emergency Banking Act. What they're doing in Cyprus is a non-solution, as in Argentina in 2001.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 06:00:11 PM EST
[ Parent ]
Who would believe you now?
by oliver on Sun Mar 17th, 2013 at 06:12:33 PM EST
[ Parent ]
If the solution requires belief, then it's not credible.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sun Mar 17th, 2013 at 06:23:07 PM EST
[ Parent ]
Then we have a fundamental problem. We are talking about fiat money.
by oliver on Mon Mar 18th, 2013 at 04:06:35 AM EST
[ Parent ]
Fiat money gains its value through the power of the state to visit unpleasantness upon those who do not hand it over in payment of obligations to banks or tax collectors.

If your fiat currency requires belief to be valuable, then you're Doing It Wrong (and about to experience a very nasty currency crisis).

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Mon Mar 18th, 2013 at 04:35:45 PM EST
[ Parent ]
I think we agree that now it's like trying to put Humpty Dumpty together again.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 06:30:32 PM EST
[ Parent ]
Poltical incorectness alert! The BBC uses the ending:
All the King's horses and all the King's men

made Humpty happy again

by gk (gk (gk quattro due due sette @gmail.com)) on Sun Mar 17th, 2013 at 06:37:11 PM EST
[ Parent ]
WTF?

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 06:38:24 PM EST
[ Parent ]

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