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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