How the Fed Became the Dealer of Last Resort
by
Perry Mehrling
Language: English
Release Date: November 8, 2010
Walter Bagehot's Lombard Street, published in 1873 in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit system. Bagehot's book set down the principles that...