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How Many Systemic Banking Crises Have There Been?


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The BARE hASS always maintained, steadfASStly ?, that a HORRIBLE MISTEAK occurred several centuries ago, when Shakespeare penned the lines: "The FURst thing we do is, we get all the lawyers" HRFF is certain that The BARD'S stenographer was going thru a nasty SPAT with a lawyer at the time, and that Shakespeare had REALLY meant to say "bonkers (bankers)" but she was so pissed off she whited out the word "bankers" and put in "lawyers" and it went to press that way without The BARD's having proofread it FURst and the public liked the PERVERSE idea SO much he DARED SNOT change it!!! Thus, lawyers have suffered unfairly ALL THESE CENTURIES when, really, it was, mostly, anyway, the BONKERS fault.

 

The BARE digresses...

 

Here's why HRFF says that. He will note FURst, however, digressing yet once MORE, that Richard Russell noted YEARS ago, just how MANY crises the bankers had engendered. This was back around the time of the energy crisis, Continental Illinois, etc. butt RR had a list of about a DOZEN of these in this country alone.

 

WELL, HRFF likes to wander through old editions of the London FT he doesn't ever quite seem to get a chance to read ass thoroughly ass he'd like to the FURst time round and he came across THIS:

 

In the Dec 30, 2002 ed. of same in an article titled The danger signs in the micro-economy, by John Thornhill in the Global Investing column, reviewing a book called Dangerous Markets there appeared, at p. 22 the following ASSertion:

 

"In the 1980's the World Bank counted 45 sytemic banking crises. In the 1990's this rose to 63."

 

HRFF hASS long marveled that bonkers can, routinely, get paid in the hundreds of thousands or millions by regularly (see quote above) inflicting such miseries upon, literally, billions of souls.

 

Obviously he hASS SNOT maximized the potential of his Ivy League education...

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Well BARE, ASS a fellow member of your professional ASSociaSHUN, I'm DOODY bound to point out that both of us seem to be failing to maximize our ivy league educations too. Now, PURRhaps McGill and Queen's U. don't cost ASS MOOCH as a PrinceTONNE, but ivy did grow on their walls. I mean, what's a BARE like YEW DOODOOing on a BORED like this?

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Thanks to American Lawyers we have the remarkable fact that a flagpole maker was sued by the family of someone killed by a falling flagpole. The flagpole maker thought he was fine, you see HE DIDN'T MAKE or HAVE ANY ASSOCIATION with the flagpole that fell and could prove it. However, thanks to miracle of lawyers, he found out it doesn't matter. He was being sued as a maker of flagpoles in general. His biggest crime was having money. Now a quorum of kindergartners could figure out this man had no liability, so you can figure out for yourselves why we call 500 dead lawyers at the bottom of the sea, a good start.

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