Slide 20
Slide 20 text
Though the money supply did contract sharply, neither
trade, commerce, nor industry came to a grinding halt.
https://hbr.org/2010/11/the-irish-banking-crisis-a-par
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How? People created their own currencies, to
substitute for the collapsing money supply. They kept
using checks to pay one another, but then, people’s
checks began trading within communities.