The Fed's Narrowing of the Interbank Exchange Chains

In 2008 we had unlimited swap lines September it didn't work. We still had a global dollar panic the likes of which haven't seen that since the 1930s Jeff, I think back in 2007 2008 that was definitely more of a solvency issue and no you just can't you can't throw money out of that. It's the repo issue the collateral issue that doesn't get solved by swap lines. In my view 2008 like March 2020 was more liquidity And it just it was liquidity in ways that the federal reserve is not suited for.