Same Old Game! (Banking)

During our last trip to London, we visited the Bank of England’s Museum (free). We enjoyed very much that visit and I may post longer about it in the future. This time I just wanted to share with you the following comic strip on display at the museum:

Comic strip from "Punch" magazine found at Bank of England's Museum.

It was published by the weekly magazine “Punch, or the London Charivari” on the 8th November 1890 issue. In it you may see an old lady (representing the Bank of England, situated at the Threadneedle Street in London) reprimanding some young boys (commercial banks) for having played fool and got in trouble. Although the image is not very good you may read (the emphasis is mine):

Old Lady of Threadneedle Street. “You’ve got yourselves into a nice mess with your precious ‘speculation!’ Well – I’ll help you out of it, – for this once!!”

The rest is history… what is referred often as moral hazard.
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3 Comments

Filed under Economy, Travelling

3 responses to “Same Old Game! (Banking)

  1. hardwaremister

    WOW! That’s so ridiculously funny. The same tale all over again.
    I must pay a visit to the museum when I’m back home this weekend.

    • Sure, take a look at it! It’ll take no more than 1-2 hours, there’s lots of things to read, will allow you to play a bit (don’t leave without winning the prize within the 50-sterling safe!) and then you may relax at the Leadenhall market 🙂

      • hardwaremister

        😦 it’s closed on weekends; I’ll have to wait until Christmass when I get some time off locally during weekdays. I’ll definitely look for that game you mention. 😉

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