Ahead of I exited academia, I educated as a financial historian. I checked out stability sheets in dusty, previous archives and I investigated what banks have been doing in Victorian Britain; I ran fancy statistical analyses on 19th-century inventory costs to peer in the event that they behaved like trendy portfolio research suggests inventory costs must; and I checked out how cash operated and the way financial regimes modified through the years.

In all my studying, not anything pissed off me greater than established economists with equation-filled whiteboards and paper fashions arrogantly mentioning that some function of cash and banking was once faulty. With 0 wisdom of the previous, teachers ceaselessly stood up from their endowed college chairs and proclaimed that cash may now not be non-public, monetary markets would collapse with out regulators, and banks may now not function with out governments backstopping them.

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