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.
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Banking Risk
Bank runs expose the fragility of receipt money because contracts promise redemption at any time while banks hold less gold than their outstanding claims.
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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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"Because I lose my reputation. The contract says that at any time you want the gold, I must give it to you. But if..."
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Relevant Lectures And Readings
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The first Secret History class begins with Kant and ends with alchemy.
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