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Lombard Street and the Omnipotent Central Banker

By Benjamin Butler

 

Daegu, South Korea, 14th May 2015

The briefest and truest way of describing Lombard Street is to say that it is by far the greatest combination of economical power and economical delicacy that the world has ever seen.

 

Walter Bagehot, Lombard Street: A Description of the Money Market, 1873

I remember reading Walter Bagehot’s book, The English Constitution, when I was applying to the law schools of Oxford and London, and being very surprised how a book on constitution would talk about the “bovine majority.” In retrospect, when I look at the lack of critical thinking in the world today, perhaps there was some truth to it. But what I realized (yet again) was the difference between the executive summary of the book that would float around, and the actual contents.

 

This week a friend of mine, a successful entrepreneur from Silicon Valley who has since opted out of the rat race, reminded ... Log in or subscribe to continue reading.


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