[lend000]

I do not know why you think "panic and crash" is specific to a run on the bank / forced bank restructuring. By the way, the original comment was about business cycles in general (that nerdponx replied to):

> Are business cycles in the modern sense (unemployment that lasts for longer than six months) known to happen in the presence of free banking and absent a central bank? Actual question. It matters because we know how this happens when a central bank controls the currency supply and allows NGDP to drop. It's not obvious to me that this happens with free banking.

Hope that clears everything up. I don't like arguing semantics for virtually no reason, but in this case it appears you legitimately misunderstood that the terms business cycle, market panics, and crashes are not specific to banks.

[eesmith]

You are correct in your interpretation. Much thanks for your time.