Are Banks Necessary?

At first pass the question "Are banks necessary?" strikes a macroeconomist as absurd.  Of course, we say.  But what does the empirical record say?  It actually happened in Ireland some 35-45 years ago. From Wikipedia: Irish bank strikes 1966-1976 From Wikipedia, the free encyclopedia The Irish bank strikes between 1966 and 1976 were three strikes of about … Continue reading Are Banks Necessary?