>>4
I'm not denying this will be trubulent, we can kiss quick credit and free overdrafts goodbye, free banking too most likely, savings will return less interest, and there will be a glut of unemployable financial service peons flooding the job centre, but the solution is not to bleed the banks dry of paper currency, that will make this all worse.

The banks over-borrowed from each other and funded too many financially unviable projects with this credit. Now some of them will pay the ultimate price.

This is a good thing, perhaps it will prevent the situation from getting this bad again?