money like

The complexity of balance sheet mechanics, as observed in the prior discussion, offers a greatly altered view of liquidity and the ancient concept of elasticity. These are not just theoretical assertions, as we have seen them in practice on more than one occasion. The behavior of “liquidity” starting in August 2007 was exactly along these lines, as faults in dealer [...]

The face of economics as it currently stands is the central bank. We have been programmed to simply infer that status in almost everything (good) that happens in the economy. In many ways, there are traces of that in the first concepts of central banking, even going back to the reformation in the latter half of the nineteenth century. For [...]