A Brief History of ‘Money’; Part 3 Quotation Marks of Dimensional Expansion
Part 1 is here. Part 2 is here. From the point of the Great Crash forward the interbank market mostly ceased to exist. Having first learned the hard way about money and liquidity, the federal funds market as well as the trend for recirculating borrowed reserves largely died out. Banks overall carried massive reserve balances far in excess of what [...]
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