Shadow Banking Must Read
This is a very informative piece on how the shadow banking system works (i.e. the “repo” markets – as in sale and repurchase).
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So the poobahs of the financial world have found away to reintroduce bank runs. I can’t wait for the libertarian scolds [1] to explain why this is a good thing.
1. The ones who disapprove of deposit insurance, meat inspection, fire codes, and everything else that makes our lives a bit more secure, and say “moral hazard” in the same tone that a Baptist preacher reserves for Satan.Report