Add spaces: Theyhadbeengiventhepromiseofthepromisedland,alandflowingwithmilkandhoney.

Answer: They had been given the promise of the promised land, a land flowing with milk and honey.

Add spaces: Thecharacterofasocietyisdeterminedbythecharacterofitseconomy.

Answer: The character of a society is determined by the character of its economy.

Add spaces: Theyensurethatinthefutureauthoritieswillhavethemeanstointervenedecisivelybothbeforeproblemsoccurandearlyonintheprocessiftheydo.Furthermore,ifthefinancialsituationofabankdeterioratesbeyondrepair,theproposalensuresthatabank'scriticalfunctionscanberescuedwhilethecostsofrestructuringandresolvingfailingbanksfalluponthebank'sownersandcreditorsandnotontaxpayers.

Answer:
They ensure that in the future authorities will have the means to intervene decisively both before problems occur and early on in the process if they do. Furthermore, if the financial situation of a bank deteriorates beyond repair, the proposal ensures that a bank's critical functions can be rescued while the costs of restructuring and resolving failing banks fall upon the bank's owners and creditors and not on taxpayers.