Tag Archives: Punch magazine

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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Filed under Economy, Travelling