More from the brilliant Doug Noland:
"The key to the so-called “resiliency” of the U.S. markets and economy has been due to the capacity for uninterrupted Credit growth and marketplace liquidity creation."
During the LTCM crisis "the Fed enjoyed the incredible luxury of inciting massive Credit inflation with confidence that dollar liquidity would readily find a home in U.S. securities markets (where the nature of its inflationary impact was largely contained)."
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