No sane mortal needs to know what term-auction means, except that it too became a tool of the US credit alchemists. Banks briefly used the market as laboratory for conjuring long-term loans at Alan Greenspan's giveaway short-term rates. It has come unstuck. Next in line is the $45trillion derivatives market for credit default swaps. |
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Sheila Samples is an Oklahoma writer and a former civilian US Army Public Information Officer. She is a Managing Editor for OpEd News, and a regular contributor for a variety of Internet sites.