time is money

The last resort a way of life


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Although Alexander Hamilton , [4] in 1792, was the first policymaker to explicate and implement a lender of last resort policy, the classical theory of the lender of last resort was mostly developed by two Englishmen in the 19th century: Henry Thornton and Walter Bagehot . [5] Although some of the details remain controversial, their general theory is still widely acknowledged in modern research and provides a suitable benchmark. Thornton and Bagehot were mostly concerned with the reduction of the money stock. That was because they feared that the deflationary tendency caused by a reduction of the money stock could reduce the level of economic activity. If prices did not adjust quickly, it would lead to unemployment and a reduction in output. By keeping the money stock constant, the purchasing power remains stable during shocks. When there is a shock induced panic, two things happen:

Dessert   Chefs Trio Dessert: White and dark chocolate covered strawberries, sticky toffee pudding bathed in caramel, and lemon lavender cheesecake.


The Last Resort A Way Of LifeThe Last Resort A Way Of LifeThe Last Resort A Way Of LifeThe Last Resort A Way Of Life

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