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They keep pushing rate hikes and short sellers as reason for bank woes when can see it's not.

Eurodollar University

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The Problem With Money Market Funds

The money market system is a natural part of the wholesale system since it developed really under the euro dollar framework decades ago. So I pull my funds out of a European bank that doesn't want to pay the deposit rate, I put them in a money market fund who then lends into the wholesale market. That European bank I took the funds out of can simply borrow them back in that wholesale market. They might have to pay a little bit more than it wanted to on deposits, but the funds are available so long as it has the cash. And this is precisely the issue that Paul Vokers fed was having back in 1979 and 1980 really into the early 80s because banks were purposely converting,. pushing

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