by Chris Black
Given that it happened in March of last year, I don’t know how I missed this. US banks have reserve requirements of ZERO.
Traditionally, banks have been required to keep a minimum amount of reserves on hand in case a bunch of people want to withdraw their funds at once.
It’s to act as a buffer against bank runs.
That buffer is now gone.
www.federalreserve.gov/monetarypolicy/reservereq.htm
Welcome to clown economy.
They tell us to ‘trust the doctors’ while the American Medical Association calls for the removal of sex from birth certificates, calling gender subjective, and the CDC uses terms like “pregnant people.”
Welcome to clown world.
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