Koma til bjargar eða steypa í glötun?

Ég geri orð annars að mínum núna:

"A central bank can produce moral hazard in the banking community if the commercial bankers perceive the central bank as a lender of last resort."

Einnig:

"Nineteenth-century economist Walter Bagehot, who coined the term "lender of last resort," warned that the central bank, while freely lending in times of financial duress, would have to avoid at any cost the impression that it would bail out the market participants."

Oft er sagt að "sagan endurtekur sig", og í tilfelli seðlabanka og ríkiseinokunar á peningaútgáfu þá er það máltæki mjög svo viðeigandi.

Seinustu orð annars sem ég geri að mínum að þessu sinni:

"But fiat paper money also creates moral hazard on the side of the money users — the citizens, the banks, and the governments — because they sooner or later come to realize that the masters of the printing press have the power to bail out virtually any bankrupt firm or government. Thus they engage in more or less reckless financial planning, expecting that the monetary authorities will not allow a great mass of reckless planners to go bankrupt. This speculation has been borne out by the last thirty years. Public and private debts are at record heights all over the world."

Aðdáendur ríkiseinokunar á peningaútgáfu, vinsamlegast lesið sögubók eða tvær! 

Líklegt að minni bankar á Íslandi sameinist