The following letter was written in response to an article, published by the Financial Times, entitled "Anglo Irish Bank executive appears in court after US extradiction" by Vincent Boland. The failure of Anglo Irish Bank–whatever the reason–did not cause the collapse of other financial institutions. Mr. Boland’s article leads one to view banks as dominoes in which one collapse necessarily leads to the collapse of all, but such is not the case. Something more fundamental was at work that led to what the great Austrian school economist Murray N. Rothbard called a “cluster of errors.” Why should all banks collapse at roughly the same moment? Some banks may have invested unwisely or suffered fr
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