3 ms·

How refreshing to come across someone who understands the economics and doesn't just blame Thatcher.

• neximo64 10y ago
  It helps alot with these things to read the newspaper from the older times when the issues first came about. There's lots of reason lost in history books and on the information we would typically read up on. Last week i was going through 1880s articles, and got reason to why banks aren't 'unlimited liability partnerships'. The realities were, they were in the early 1880s. Then one Scottish bank failed and the courts went after widowers and simple retail investors who owned the shares to get claim back assets for depositors for the failed bank. Apparently taking money from widowers then was absolutely terrible. They allowed banks to become limited liability companies shortly after. Not the best to repeat that today, as bad as limited liability banks can be, it would be worse for them to sue household investors to reclaim deposits, particularly when they can't enforce accountability in the company, being such small investors. Today if the idea ever caught hold, that old 1880s newspaper would shed light.