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Politics : American Presidential Politics and foreign affairs
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To: TimF who wrote (31302)1/12/2009 11:54:34 AM
From: DuckTapeSunroof  Read Replies (1) of 71588
 
(I believe that RMF's point, with his comment about the Fed, is that with real Fed rates below zero now --- that the Fed is back in the classic position of "pushing on a string". They can 'lead a horse to water, and make credit available to the banking system at sub-zero real rates... but they CAN'T force the banks to extend credit if the banks don't want to.')

With the V of money still rapidly drying up... all the money supply the world's central bankers have added to the system thus far is but a fraction of the downshift in the Money Supply because of Velocity of money drying up.

The contraction, thus far, continues....
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