too big to fail

— 1912, Fabian Society, Fabian Tract No. 164, "Gold and State Banking: A Study in the Economics of Monopoly" The fact, which surely everybody knows and hardly anybody ventures to state, is that the stability of our great banks--and all our banking system which now matters a tittle consists of great banks--is based not on the supply of gold in their vaults, nor on the reserve in the Bank of England, but on the fact that they are too big to fail, too big commercially and far too big politically. If Lloyds, or the London County, or the National Provincial stopped payment, the consequences would far exceed a San Francisco earthquake, a Chicago fire, or any other catastrophe within the memory of man.