A Bank Run (or Jog): The Cyprus Story

Like New York’s Knickerbocker Bank in 1907 or Jimmy Stewart’s 1930s bank in It’s a Wonderful Life, the ingredients of a classic run include distraught depositors and rumors of a bank’s imminent demise. Now we can add a third bank run…

Greek Privatization Progress

Will international creditors say yes again to Greece after today’s meeting in Brussels? Part of the deal involves selling or leasing whatever the Greek government owns. The proceeds reduce the debt and meanwhile, by building roads and business parks, resuscitating ports and…

Virginia and Germany

“Where…is the justice of compelling a State which has taxed her citizens for the sinking of her debt, to pay…the debts of other states, which have made no exertions whatever?” This quote, from John Steele Gordon’s, Hamilton’s Blessing (p. 29)…

Euro Notes

$1 million in $100 bills weighs 22 pounds. In $500 bills, $1 million would weigh 4.4 pounds. But the U.S. does not circulate $500 bills. The EU does. According to the WSJ and NPR’s Planet Money, people engaging in illegal activities…