Three months ago, I argued that all but a tiny and unbalanced fringe of economists approve of expansionary open-market operations to keep total nominal spending constant in a downturn, and I was right. I was also right to say that all but a tiny and unbalanced fringe of economists approve of central-bank guarantees of system stability, in order to prevent the risk of a collapse of the payments system from becoming a first-order consideration boosting the demand for cash to unnatural levels.