Something quite simple: The Irish started issuing their own cash. After the bank closures, they continued writing checks to one another as usual, the only difference being that they could no longer be cashed at the bank. Instead, that other dealer in liquid assets–the Irish pub–stepped in to fill the void. At a time when the Irish still stopped for a pint at their local pub at least three times a week, everyone–and especially the bartender–had a pretty good idea who could be trusted. “The managers of these retail outlets and public houses had a high degree of information about their
...more
