Saturday, July 11, 2009

Demand for liquidity

Pepys' diary 6th July 1666

Thence to Lumbard Streete, and received 2000l., and carried it home: whereof 1000l. in gold. The greatest quantity not only that I ever had of gold, but that ever I saw together, and is not much above half a 100 lb. bag full, but is much weightier. This I do for security sake, and convenience of carriage; though it costs me above 70l. the change of it, at 18 1/2d. per piece.There is a lot in the comments for this day and the next that show the need for liquidity when fears for government finances rise.

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