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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Jason Crawford‏ @jasoncrawford Feb 4
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      Thinking about bank runs. Prior to federal deposit insurance, why couldn't banks protect themselves from runs with explicit policies? Like, “if our deposits drop by more than X% in Y timeframe, we will automatically halt withdrawals.” Did any banks ever try this?

      13 replies 1 retweet 27 likes
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      Patrick McKenzie‏ @patio11 Feb 4
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      Replying to @jasoncrawford

      There was a consortium that would suspend convertibility and issue certificates. Will try to find the book cite for you later. It was a consortium because panics tended to spread, both because of customer perception all banks were at risk and because banks pulled deposits.

      7:02 PM - 4 Feb 2020
      • 1 Retweet
      • 9 Likes
      • Steve McQueen Keeks Vikram Bath1 Ilia Fritz Johnson Matt Lovan Mengxi Lu CORÆY O 👌 Jason Crawford
      2 replies 1 retweet 9 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 Feb 4
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          Replying to @patio11 @jasoncrawford

          Suspend convertibility = “At start of business on Monday, we no longer accept withdrawals to currency. We will issue you a certificate entitling you to payback from any member of the consortium at some indefinite point in future; if you need cash, sell it at a discount to anyone”

          1 reply 0 retweets 5 likes
        3. Patrick McKenzie‏ @patio11 Feb 4
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          Replying to @patio11 @jasoncrawford

          Slapped by the Invisible Hand, Gorton 2010.pic.twitter.com/73yI8o1vm2

          3 replies 0 retweets 10 likes
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        2. Jason Crawford‏ @jasoncrawford Feb 4
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          Replying to @patio11

          Fascinating. Did it work? Why did we need FDIC eventually anyway?

          1 reply 0 retweets 0 likes
        3. Patrick McKenzie‏ @patio11 Feb 4
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          Replying to @jasoncrawford

          FDIC insurance works a lot better, since the US had systemic banking crises every 12-20 years. Where’s my kindle; it’s a great book.

          0 replies 0 retweets 2 likes
        4. End of conversation

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