Via Demand for £50 notes ‘fuelled by lack of faith in banks’ – Telegraph:
Demand for £50 notes has risen sharply during the recession because the public has lost faith in the banks, the Bank of England’s chief cashier Andrew Bailey has suggested.
…
The suggestion is that more people are hoarding cash, rather than depositing it with banks, after the whole banking system was on the brink of collapse post-Lehman.
Which tends to reinforce Prof Jesús Huerta de Soto’s reform plan, explained by Toby Baxendale here and James Tyler here.
Further Reading
