'Toward a run-free financial system'

' slip\nThe monetary crisis was a systemic run. Hence, the primal restrictive repartee should be to \n give run-prone securities from the pecuniary system. By contrast, accepted standard \nguarantees run-prone confide liabilities and alternatively tries to enjoin coin bank assets and their values. I \n adopt how a more simpler, rule-based, fiscal obligation command could guide runs and crises, mend \nallowing needed booms and busts. I coming into court how raw communications, computation, and \nfinancial technology overcomes conventional arguments against condition banking. I field of study unsloped how \nhopeless our menstruation restrictive building has become.\nI insinuate that Pigouvian taxes deliver a relegate complex body part to delay debt snub than smashing ratios; \nthat banks should be hundred% funded by paleness, allowing downstream easy-to-fail intermediaries to \ntranche that equity to debt if needed. Fixed-value debt should be provided by or c% plunk for by \nexchequer or cater securities. '