Asides

Walter Bagehot

Walter Bagehot

The distinguished gentleman in the portrait is Walter Bagehot (pronounced “badget”), founder of the London Economist and author of “Lombard  Street,” which focused on the proper role of the central bank in the British banking system.  Published in 1873, his analysis of financial crises and the appropriate regulatory response has never been surpassed and ought to be gospel for modern regulators.  But clearly, they are all apostates.

 

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