When Pubs Briefly Replaced Banks in Ireland

Today we are going to discuss the Irish Banking Strike of 1970 when all of the countries clearing banks closed for over six months, only to find themselves quickly replaced by local pubs. We will discuss if something like this could work again, and at the end of the video we will compare how the system that emerged compares to more modern ideas like cryptocurrencies.Between 1966 and 1976, there were three major banking strikes in Ireland in which all of the clearing banks were closed.  The Strike in 1970 was the longest of the three, where the banks were entirely closed for six and a half months.  In the lead up to the strike, bank staff had been working short hours, and a backlog in check processing had built up. While the banks technically reopened in mid-November of 1970, it took them until February of 1971 to process the backlog of checks and resume normal working hours. So, all in all, the banks in Ireland were either closed or were offering severely reduced services for almost an entire year.The video on John Law & The Mississippi Company: https://youtu.be/H5uKPUPQSyQMoney in an Economy Without Banks by Antoin E. Murphy: https://www.mortgagebrokers.ie/wp-content/uploads/2018/01/Antoin-Murphy-Money-in-an-economy-without-banks-The-case-of-Ireland-bank-strike-paper.pdfPatrick's Books:Statistics For The Trading Floor:  https://amzn.to/3eerLA0Derivatives For The Trading Floor:  https://amzn.to/3cjsyPFCorporate Finance:  https://amzn.to/3fn3rvC Patreon Page: https://www.patreon.com/PatrickBoyleOnFinanceVisit our website: https://www.onfinance.orgFollow Patrick on Twitter Here: https://twitter.com/PatrickEBoylePatrick Boyle YouTube Channel Patrick Boyle - YouTube Support the show

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This podcast is all about quantitative finance and financial history. Subscribe to hear about financial markets, derivatives, and how investors use quantitative tools from statistics and corporate finance theory. Included are interviews with some of the most interesting thinkers in finance. Occasional longer form financial documentaries, open up fascinating elements of financial markets history. Patrick Boyle is a quantitative hedge fund manager, a university professor, and a former investment banker. To contact Patrick visit http://onfinance.org Find Patrick on YouTube at: https://www.youtube.com/c/PatrickBoyleOnFinance DISCLAIMER:This podcast is not affiliated with any financial institution. The information provided is for entertainment purposes only and does not constitute financial advice. Those seeking investment advice should seek out a registered professional in their home jurisdiction and confirm their credentials on your national regulator's website. Patrick Boyle is not responsible for any investment actions taken by viewers and his content should not be used as a basis for investment or other financial decisions.