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Adam Tooze on our Financial Past and Future
Conversations with Tyler
The Liquidity of Treasury Securities
If twenty per cent of americans are not paying their mortgages, it might be rough within a month or two. Even fed liquidity injections would not get the banks over that hurdle unless we fix it more directly. It's not obvious to me right now that the balance sheets of the corps group of systemically important largest u s bank are vulnerable to anywere near the same extent as they were in o a anyway. The normal set of relationships between equity markets and bond market seems to have been restored. There seems to be a safety function being performed by government debt markets, which must be reassuring. What do you think of the liquidity of treasury securities?...
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