Posted: Feb 21, 2014 9:05 pm
The bees might not realise they are building a hive. The existence of this sort of mystery doesn't seem like, well, a mystery to me. I don't think we're controlling it from above, and even when it comes to codifying the laws surrounding banking, you'll have to somehow isolate the pressures of vested interests on the legisature. This mess goes way back, with unforeseen consequences all the way. That, at least, was the story about the rise of this sort of bank loan: people started trading their deposit receipts.Panderos wrote:Well you're not the first, as you'll see if you check my posting history ...
I thought I had it sussed apart from one thing I couldn't quite figure out, but now both UE and Blackadder say I have it wrong. Which wouldn't be so bad if they actually agreed about how.
What's crazy is that banking is something built and controlled by humans. How it works shouldn't be a mystery, especially to professional economists.