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Didn't the Central Banks Fix the Overseas Dollar Swaps?
Central banks came in later and said they fixed the problem with FEMA and overseas dollar shops. But it wasn't an off it wasn't a treasury market liquidity problem. And the buying of the treasuries didn't fix anything. Nobody was using the dollar swaps when they could have been, because the dollar swaps are worthless. The problem was any different part of the system that nobody ever focuses on.