When Pubs Briefly Replaced Banks in Ireland

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Manage episode 298024873 series 2851541
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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/H5uKPUPQSyQ
Money 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.pdf
Patrick's Books:
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Derivatives For The Trading Floor: https://amzn.to/3cjsyPF
Corporate Finance: https://amzn.to/3fn3rvC
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