Tom
Doug Henwood wrote:
> Enrique Diaz-Alvarez wrote:
>
> >Monitoring is not the issue. They already monitor M3, which includes MM
> >balances. The issue is control - if MMs create money, then the main Fed tool
> >for monetary control is on the process of disappearing. They may monitor the
> >debt orgy, but they are (or soon will be) powerless to stop it.
>
> You really think that, say, another point or two rise in the fed
> funds rate would be powerless to stop the debt orgy? You think the
> rate rise of the last year has nothing to do with the rout in tech
> stocks?
>
> Doug