Post
Topic
Board Economics
Re: A Chronology of Panics, Manias, Crashes and Collapses
by
minor-transgression
on 16/07/2017, 21:41:37 UTC
The story about Dionysius as I recall is that when pressed to repay the loans he had
acquired, he called all the Creditors to the Palace, and demanded that they bring
with them the exact amount of debt owed. He the overstamped the coinage with
a two on top of one, and twenty on top of ten. You could sell tickets to watch that :-)

The way things are shaping up in the War on Cash, my expectation is that this time
will be different. Recall that last time, it was possible to hoard cash in advance of
the panic. I suspect that somebody somewhere thinks that removing that lifebelt,
as in India, will somehow cushion the impact of the iceberg on the Titanic, and I
suppose that the exact opposite will be the case.