The Bank Run Is Coming From the Very Front End

Last time, we focused on the banking system and that pushed money into capital markets. This is a problem mainly in smaller banks because they weren't regulated in the same way. We told them to hold bonds because we thought interest rates were going to stay at zero forever. And then we wanted central banks to sort of we wanted these private banks to focus more on holding deposits rather than other riskier forms. So what you're saying is now it's a deposit battle that's going on.