He who places his hope on thee, O Virgin all-glorious, will prosper in all he does.

Inscription on Byzantine coin during reign of Romanus III



Wednesday, February 18, 2009

Bank Nationalization?

I read a news report that a growing chorus of economists and others are recommending the nationalization of American banks. That'd be surprising, except that the chorus members were never too awfully committed to the market anyway.

Maybe we should invite back Alan Greenspan to run the banks the same way in which he ran the Fed. He set the real Federal Funds rate below zero for three years, which set the stage for the leverage orgy that we're unwinding.

While we're discussing the nationalization of our commerical banks, why don't we discuss the privatization of our Central Bank?

2 comments:

reborn1995 said...

i'd like to subscribe to your blog as a "follower" but you haven't yet added the "follow this blog" feature to your site.

Visibilium said...

Thanks, I'm flattered.