BAGEHOT AGAIN. I like that the article by Sir Howard Davies that I linked to below quotes a spokesman for the Bank of England who uses Bagehot’s language: “central banks have stood ready to provide unlimited amounts of liquidity against good collateral at a rate above the market rate prevailing during peacetime”. When I first posted on Bagehot, I had some trouble finding a link to Bagehot’s recommendation on Google. Now, I see it frequently.

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