What Powell Can Learn (hopefully) from Bagehot

-and how I am playing interest rates in the hope that he does

Mar 19

In 19^th Century England, Walter Bagehot, Editor of the Economist wrote persuasively that the Bank of England during a financial crisis (like banks short of money) should do three things:

Examine cash-short English financial institutions looking for money
Loan money to those institutions that will be able (once the crisis is over) to pay the Bank of Englan…

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