The public is investing its money in securities, indirectly by way of the banks, thereby combining security with a high degree of liquidity and also with a reasonable degree of profit. The banks are bearing the risk of possible depreciation of the securities held in stock, but –unfortunately even South American bonds included!– this risk seemed so small during normal times that in the United States there even came into being a new school of Bank Liquidity which preached this sort of investment as the last word in the art of banking.
Wilhelm Röpke, Crisis & Cycles, 1936, p. 127
