siriusablack

من عند Bovezzo, Province of Brescia, إيطاليا من عند Bovezzo, Province of Brescia, إيطاليا

قارئ من عند Bovezzo, Province of Brescia, إيطاليا

من عند Bovezzo, Province of Brescia, إيطاليا

siriusablack

It's a lively and colorful description of the financial markets in Victorian England, and in particular the role of the Bank of England in maintaining financial stability. Bagehot is the first to articulate the idea of the "lender of last resort," which is just what the Fed (and other central banks) have been doing in recent months--though much expanded in scale and scope. Much has changed since then, of course, but not as much as you might think. Plus, who knew the Peel Act of 1844 could be so interesting?