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Introduction
In practice, like two thousand eight, this has sidelined the non central bank, central bank, leaving it effectively as the janitor who comes in after the mess and attempts to begin cleaning it up. Policies put in place have almost nothing to do with interrupting rampaging in elasticity. But the fed and its compatriots around the world get to parade around, somewhat plausibly, in theory, claiming it would have been worse had the market of last resort tactics not been employed. We need to realize that it's already bad, or else we wouldn't have to be doing the stuff over and over again.