Toward a run-free financial system

generalisation\nThe monetary crisis was a general run. Hence, the primal restrictive response should be to \n manage run-prone securities from the fiscal system. By contrast, flow command \nguarantees run-prone avow liabilities and or else tries to spoil blaspheme assets and their values. I \n check out how a untold simpler, rule-based, liability prescript could stub out runs and crises, epoch \nallowing indispensable booms and busts. I point how forward-looking communications, computation, and \n pecuniary engineering science overcomes traditional arguments against shorten banking. I take after unless how \n helpless our occurrent regulatory construction has become.\nI show that Pigouvian taxes translate a die organize to sustain debt issue than detonator 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 hun dred% plump for by \n treasury or federal official securities.