New Initiative for Donations

Paolo Invernizzi paolo.invernizzi at gmail.com
Sun Oct 28 13:36:40 UTC 2018


On Sunday, 28 October 2018 at 13:06:53 UTC, Laeeth Isharc wrote:

> Banks are special because of the payments system and because of 
> lending.  In October 2008 Gordon Brown was within two hours of 
> shutting down the banking system and declaring a state of 
> emergency.  If that had happened nobody would have been able to 
> make payments and new lending would have come to a halt.
>
> In 2038 you won't need banks to make payments because 
> cryptocurrencies will be a viable alternative.  And lending is 
> already being provided by asset managers.  So the justification 
> for the combination of leverage and the mismatch in liquidity 
> and risk of banks deposit liabilities and their assets will 
> disappear.

Only one word: Huerta de Soto.

- Paolo



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