Wednesday, May 24, 2017
O'Scrip just like Scrip
BBC has a feature on an Irish bank closure in 1970. Bank employees went on strike for 6 months, but commerce continued normally because pubs organized to clear checks without banks.
Sounds remarkably similar to the 1933 bank closure here. FDR closed all banks for 3 months so his regulators could sort out the solvent and insolvent banks. I've discussed how businesses developed ways to print and handle scrip (which was basically fixed-value checks); and I've noticed that the change had no visible impact on ordinary commerce.
Do we need banks at all?
Labels: scrip, Zero Problems
¶ 2:09 AM
