Trust Erodes As We See Bank Runs In China
Anthony Pompliano | Jul 15, 2020 | 6 |
0:00 | -5:37 |
To investors,
The legacy financial industry is built on trust. Government-backed currencies are used only because the parties in a transaction believe that the currency has value. There is no commodity or other intrinsic value underlying the currency. A similar argument could be made for banks.
Depositors give banks money because they trust that the bank …