The Vulnerable Links in the Financial System in 1907

The US had over 10,000 banks in the early 1900s that number grew to doubled more over by 1929. Small country banks were typically small relatively less well capitalized institutions with very concentrated loan portfolios unit banks with just one branch so they couldn't be diversified across customers etc. AIG was a shadow financial institution dealing in exotic financial instruments and the like today just carrying that forward one bit I would add those kinds of institutions to our list but surely the the digital financial institutions crypto currency related we we saw the crash  we've seen the domino domino's beginning to fall in in the crypto space a little under a year ago. Pension funds generally have to be on our radar