In any case, the dangers are hard to assess, including the complexity of timely withdrawal of monetary stimulus without violating central bank mandates, and the risk of unleashing a chain reaction of financial instability.
The economic and financial integration of the United States in the late 19th century owed a great deal to the new technology of railroads. With a fragmented local banking system, the huge amount of financing needed for this project could only be mobilised via capital markets, notably in the form of railroad bonds.