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Stock crash and bank failures, yet there wasn't a second Great Depression. But why not?

Eurodollar University

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The Instability of the US Dollar System

Those who were imperiled by the October 1987 stock crash were finding it relatively easy to navigate and intermediate between currencies around the world through US dollars. The equity markets, that small corner of the financial system, not the entire financial system, was experiencing a spasm of its own. Despite what central bankers at the Federal Reserve were worrying about and many of them maybe privately thought, Great Depression 2.0 risks, instead the monetary system was operating at full capacity. In fact, it was going better than full capacity, which is why there was never any economic fallout.

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