Bank Run

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Concerning: Jitters in Second Life as Bank Shuts Doors, Tom Bernhardt writes: “I can imagine Murray in Heaven adding a chapter to The Mystery of Banking.”

2:29 pm on August 10, 2007

Bank Run!

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Countrywide is probably going down, no matter what the Fed or the FDIC or any other federal entity does. Even the leviathan can’t repeal economic law.

Like all fractional-reserve banks, it is inherently bankrupt, and kept going only by public trust in an apparent federal guarantee. But public opinion can change overnight, and nothing can stand in its way.

11:35 am on August 17, 2007

Bank Run!

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All fractional-reserve banks are bankrupt, of course, but sometimes the soothing promises of central bankers don’t work.

4:44 pm on September 15, 2007

Bank Run!

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A huge bank fails in Pasadena, California, when depositors try to get their money. Every single fractional-reserve bank is at risk, of course. The feds bailed out this criminal institution, which promises to pay what it cannot pay, but even the feds cannot handle all the bank failures that are coming. At the very least, you well-to-doers, have no more than $100,000 in any one bank. Some gold in your own possession makes sense for all of us.

Good thing that Doug French is making possible the publication of a beautiful, restored edition of Murray Rothbard’s demystifying The Mystery of Banking by the Mises Institute. It’s at the printer now. Bernanke and the big banksters don’t want you reading it. (Thanks to Erron Sutterfield and Micah Haber)

UPDATE Depositor? What’s that? Phone the FDIC. (Via Drudge)

7:32 pm on July 11, 2008
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