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TIP486: Macro Investing w/ Cullen Roche
We Study Billionaires - The Investor’s Podcast Network
The Fed Is a Central Clearinghouse
The banking system before we had the Fed was basically, I like to describe the Fed as a central clearinghouse. Their day-to-day function really is this interbank clearing process. They clear trillions of dollars of payments. When it does become a problem, like it did back in 2008, they're actually very good at smoothing the functioning of the payment system so that it doesn't become a big problem.
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