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What scares the central bankers now is the evaporation of trust from the system. Banks don't believe each other's numbers; since nobody knows the real value of some of the mortgage-backed securities everyone is holding, they assume the worst. They start hoarding cash as a buffer against their own losses and because they're nervous about lending to anyone else.
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http://www.lulu.com/davis4000_2000
Wanna be member of the anti-word police, author, columnist, activist and muckraker extraordinaire. Author of:
Land, Legacy and Lynching: Building the Future for Black America
Urban Asylum: Politics, Lunatics and the Refrigerator (more...)
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