Wednesday, November 30, 2011

How independent is the Fed these days?

Seems less than ever.

UPDATE: Megan McArdle writes:
This is a band-aid. It's a good band-aid. But making it easier for local banks to borrow in dollars does not, in the end, fix any of the problems with the euro-zone. It just delays the rate at which the current sovereign crisis turns into a banking crisis.

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