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A Masterclass In Central Banking | Professor Jane Knodell
Forward Guidance
Did the Federal Reserve Save the Banks?
Banks that did not have access to the network of liquidity from the Federal Reserve, they went under. I think there are some district reserve banks that are actually providing some good lender of last resort services and stabilizing their regional banking systems. But the feds' hands are kind of tied because we're still on gold. So then banks called in their loans from businesses. Then businesses had to pay. And then it's a vicious, vicious cycle.
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