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The idea is: for financial stability you need a large reserve requirement, with reserves furnished by unlimited liquidity at the discount window.

Jake proposes that possibly a maximum justifiable level of reserve requirements is 100% of insured deposits, not of the entire balance sheet.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Tue May 10th, 2011 at 01:55:25 PM EST
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