
Financial panics still require that practical men violate their own principles. - robg
http://weeklystandard.com/Utilities/printer_preview.asp?idArticle=15921&R=15FF68930
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gruseom
I find two things fascinating about this piece. First, it is a book review,
but the book being reviewed is 135 years old. Second, it is effectively a
defence of opacity and inequity in financial regulation. And it seems
coherent, too, though verbose. But I hesitate to accept it without having read
the book and without any experience in the realm of central banking.

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DanielBMarkham
I caught this article about a week ago but didn't think HN would like it that
much.

Since then, I've seen Bagehot mentioned or quoted in about half a dozen other
articles.

We think each time there's a financial panic that it's the end of the world --
unless we look long-term. None of these problems are new, and in fact they are
most likely a built-in "feature" of central banking.

