Quote of the Day: Run On the Bank
Posted by msrb on September 23, 2008
A Hanging Offense
“The goldsmith bankers in Amsterdam got a law passed making it a hanging offense to start a run on the goldsmith. But one day there was a run, and of course the goldsmith could not pay. The matter was resolved not by hanging the unknown individual who started the run, but by hanging the goldsmith.”
Source: for the common good: redirecting the economy toward community, the environment, and a sustainable future by Herman E. Daly and John B. Cobb, Jr. Quoting Russel G. Barber, Jr. The One Hundred Percent Reserve System.