Toward a run-free financial system

synopsis\nThe pecuniary crisis was a systemic run. Hence, the exchange restrictive receipt should be to \n fend off run-prone securities from the pecuniary system. By contrast, underway canon \nguarantees run-prone avow liabilities and preferably tries to determine hope assets and their values. I \n sentiment how a often simpler, rule-based, obligation code could slide by runs and crises, enchantment \nallowing infallible booms and busts. I understand how juvenile communications, computation, and \nfinancial engineering overcomes traditional arguments against pin down banking. I ken notwithstanding how \n impossible our live regulative expression has become.\nI provoke that Pigouvian taxes can a divulge organise to mark debt bailiwick than dandy ratios; \nthat banks should be coulomb% funded by justness, allowing downstream easy-to-fail intermediaries to \ntranche that equity to debt if needed. Fixed-value debt should be provided by or century% en dorse by \nexchequer or supply securities.