Category: US history

Jefferson’s curse? Part 1: confidence and liquidity

17 November, 2008 (09:25) | Banks, Capital markets, Regulation, Theory, US history |

Chaos ensues when an enterprise’s span of activity is greater than the span of judicial or regulatory consistency. That, at least, is the plausible hypothesis behind the emergence of the FBI, brought into being to chase Bonnie and Clyde across state lines; and Interpol, created to pursue criminals throughout Europe. Eliot Ness, 1929: you need [...]