The Federal Reserve's Steps in the Recovery From the Financial Crisis

The crisis was really brought on by the private sector withdrawing its confidence in the counterparty, which was Silicon Valley. They said, well, and the Federal Reserve was to step in with swap lines and effectively replace the money center banks of JP Morgan et al. But I don't see that as monetary creation. That's sort of a temporary substitute or stopgap for what becomes an enormous whole. So yeah, some respects, it is. It's almost like a nationalization of the Uradol market."