As long as finance is a mainly domestic affair, what people want in a bank run is local money--and, guess what, the government is able to print as much as it wants.
Finance is usually a mainly domestic affair.
mnli hypothesis: Finance is usually a mainly domestic affair. premise: As long as finance is a mainly domestic affair, what people want in a bank run is local money--and, guess what, the government is able to print as much as it wants.