Walter Bagehot, a 19th-century British journalist and economist, had reservations about central banks' potential to encourage risky behavior in financial markets, particularly through their role as a "lender of last resort." He was concerned that by stepping in to prevent financial institutions from failing, central banks could inadvertently promote moral hazard. This is because banks might take on excessive risks, assuming they'll be bailed out in times of crisis.

In his classic work, Lombard Street: A Description of the Money Market (1873), Bagehot proposed that central banks should lend freely in a crisis but only to solvent institutions, at a high interest rate, and against good collateral. This was intended to deter banks from relying on central bank support as a routine part of their operations.

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Beautiful morning here today ☀️

GOOD MORNING

Rokland is the site we got them from. I cannot speak for the three of us but I have no idea what I'm doing learning as I go. I would like to take it in the truck so any suggestions on antennas and anything else would be great I'm pretty much flying blind over here I grasped the concept of how they work but I've never messed with anything like this before so definitely learning

I think I am on lightning ⚡️ 🚀

I’m trying 😊

Steak tartar with Merlot with homies

Can't wait! Anyone else want to come to Banff & Calgary?

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