Sublime

Furthermore, in the nature of things, credit contraction is severely limited—it cannot progress beyond the extent of the preceding inflation.14 Credit expansion faces no such limit.

The Eurodollar market was the name given to the market surrounding the dollar accumulation in the banking system outside the United States during the “dollar glut” period of low U.S. interest rates in the 1960s.

The “boom-bust” cycle is generated by monetary intervention in the market, specifically bank credit expansion to business.

The Fed had hoped that by boosting asset prices with easy money, consumers would go out and spend more. But within a few years of the crisis, the ‘wealth effect’ – people’s propensity to spend their capital gains – had fallen to half its historic average.51 Having borrowed too much during the credit boom, most Americans were forced to curb their sp

The task of reconciling banking reform with the party’s states’-rights traditions fell, improbably, to a southern congressman—the Virginian Carter Glass.