Glossary
A rush to redeem receipts for gold that bankrupts a bank holding fewer reserves than outstanding promises.
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Topic brief
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bank run
A rush to redeem receipts for gold that bankrupts a bank holding fewer reserves than outstanding promises.
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Key Notes
Glossary
A crisis where more receipt-holders demand gold than the bank actually has.
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model
Bank runs expose the fragility of receipt money because contracts promise redemption at any time while banks hold less gold than their outstanding claims.
definition
A bank run exposes the fragility of multiplying receipts beyond the actual gold reserve.
Timestamped Evidence
Transcript
"...back, then I'm screwed. If this is what we call a bank run, okay, a bank run. And this is a huge problem for..."
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"What is the problem? There's a problem here. Hmm? Okay. That's actually a great question. Okay. So yeah. Is it possible to forge the..."
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"...gold back, then I'm screwed. This is what we call a bank run. Okay. A bank run. And this is a huge problem for..."
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"Okay. So that's a really good point. The problem is, so the answer is that they all knew each other anyway. Okay. Because it's..."
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Relevant Lectures And Readings
Reading
The first Secret History class begins with Kant and ends with alchemy.
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The first Secret History class starts with Kant and ends with alchemy.
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