Thứ Sáu, 28 tháng 9, 2012
Lombard Street: A description of the money market, by Walter Bagehot
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Hoàng Phong Nhã
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Written in 1871, Lombard Street is the classic work describing how a central bank must be lender of last resort to halt panics. Bagehot perfectly captures the immense potential of the financial markets to both multiply a nation’s economic prowess and to spread chaos. As he puts it: ““Money will not manage itself, and Lombard Street has a great deal of money to manage.”
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