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KevinSimler's profile
Kevin Simler
Kevin Simler
Kevin Simler
@KevinSimler

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Kevin Simler

@KevinSimler

Writer, software person, armchair anthropologist, dilettante. All genders, all political opinions welcome. Book: https://amzn.com/0190495995/ 

San Francisco, CA
meltingasphalt.com
Joined March 2011

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    1. Cameron Harwick  🏛‏ @C_Harwick 10 Jun 2018
      • Report Tweet

      Cameron Harwick  🏛 Retweeted Carolyn Sissoko

      Great thread on why Swiss voters were right to reject the Sovereign Money proposal.https://twitter.com/csissoko/status/1005541557888434176 …

      Cameron Harwick  🏛 added,

      Carolyn Sissoko @csissoko
      So why do we have banks? Because we need someone who can go bankrupt to manage the very delicate system of maturity transformation. A debt-based economy functions because the bankers are the ones who lose if they mess up.
      Show this thread
      1 reply 0 retweets 3 likes
    2. Kevin Simler‏ @KevinSimler 10 Jun 2018
      • Report Tweet
      Replying to @C_Harwick

      Thanks for sharing this. I’m trying to learn here, and genuinely confused re the strengths and weaknesses of modern banking. Q: what incentive does a central bank have to say “no” when banks ask for last-resort loans? What’s the Schelling fence (if that phrasing makes sense)?

      1 reply 0 retweets 0 likes
    3. Cameron Harwick  🏛‏ @C_Harwick 10 Jun 2018
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      Replying to @KevinSimler

      As far as I can tell there's not one. Legislative rule might work in principle, though the distinction between illiquid and insolvent isn't always clear, especially in a crisis.

      1 reply 0 retweets 1 like
    4. Cameron Harwick  🏛‏ @C_Harwick 10 Jun 2018
      • Report Tweet
      Replying to @C_Harwick @KevinSimler

      I do think that problem could make up a big part of an argument against central banking, but not against fractional reserve banking. Given the benefits of the latter, I'd say FRB is worthwhile even with a lot of moral hazard.

      2 replies 0 retweets 1 like
      Kevin Simler‏ @KevinSimler 10 Jun 2018
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      Replying to @C_Harwick

      And the main drawback to 100% reserve banking is that it doesn't provide enough liquidity to lend to all borrowers who have good business plans? I.e., it leaves economic growth on the table?

      9:27 PM - 10 Jun 2018
      1 reply 0 retweets 0 likes
        1. New conversation
        1. Cameron Harwick  🏛‏ @C_Harwick 10 Jun 2018
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          Replying to @KevinSimler

          Yeah, I'd say say that's the most important consideration. Levine (1997) talks about this channel and others. https://pascal.iseg.utl.pt/~aafonso/eif/pdf/Levine.pdf …pic.twitter.com/OVvKGKrhwK

          1 reply 0 retweets 1 like
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