because what happens is, this is not like the old days. A bank run is not like it used to be in the 1930s. A bank run used to mean currency moves from the banking system to the public. The public starts to hold and hoard currency, which provides the banking system of its ability to operate. That's what liquidity meant. Liquidity meant you have currency in a vault that you could exchange for either loan assets or if your customers need it, you can deliver them that kind of liquidity. A bank run was when currency moved from the banking system to the public. That's not what we have today. We have a virtual ledger money system where, if I take my money out of the bank, I don't take any money out of the bank. What do I do? I go to another bank I do like. I set up an electronic account and I set up an electronic transfer. A bank run nowadays is where cash, which is virtual cash, it's not actual cash, migrates through book entry from weaker firms to stronger firms. That happens all the time. (44/57)
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