Why Fear Bank Runs?

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As the people of Cyprus should know by now, and everyone else, too, their money is not in the bank. If more than a small percentage of depositors try to withdraw their money, the bank goes belly-up. So banks must be cosseted and subsidized to the end of time, and to the end of everybody else’s resources. This is possible because the whole central-bankized Western world is a bankocracy.

7:41 am on March 28, 2013