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    Ross, if one bank fell, that system you mention could work.

    But in 2008, many banks in many countries were falling simultaneously. Britain was only hours away from having empty cash machines.

    No compensation scheme could have prevented the total collapse of the economy that threatened half the world in that year.

    One of Britain's biggest economic errors was, and to an extent still is, being the world banker, and lending money out all over the world.

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