Bagehot’s Baleful Bitter End—$17 Trillion Of Subzero Yields

One hundred and fifty years later we have transitioned from a world of institutionalized discipline. “Today’s world — one of paper currencies, floating exchange rates, enormous budget deficits, and governmental policies to protect both investors and depositors against the consequences of a bank’s mismanagement — is largely one of institutionalized indiscipline” (p. 294).