THE CALAMITY THEORY OF BANKING
Adversity causes some to break and others to break records.
A system [like banking that is] dependent solely on public confidence should itself exhibit confidence. Any doubt thrown upon one member must excite doubt in regard to them all.
The Philadelphia Daily Evening Bulletin
September 28, 1857
“The most important ideas are those that apply to multiple fields,” my friend Morgan Housel once wrote.
Take the calamity …
