Joint Statement Regarding the Insolvency of Mt. Gox
For historical perspective, consider the last great panic to sweep the USA before the Federal Reserve was established:<p><a href="http://en.wikipedia.org/wiki/Panic_of_1907" rel="nofollow">http://en.wikipedia.org/wiki/Panic_of_1907</a><p>What is (so far) missing in the world of Bitcoin is a single actor powerful enough to play the organizing role that Morgan played during that previous crash:<p>"Morgan summoned the presidents of the city's banks to his office. They started to arrive at 2 p.m.; Morgan informed them that as many as 50 stock exchange houses would fail unless $25 million was raised in 10 minutes. By 2:16 p.m., 14 bank presidents had pledged $23.6 million to keep the stock exchange afloat. The money reached the market at 2:30 p.m., in time to finish the day's trading, and by the 3 o'clock market close, $19 million had been loaned out. Disaster was averted. Morgan usually eschewed the press, but as he left his offices that night he made a statement to reporters: "If people will keep their money in the banks, everything will be all right""