martes, 7 de agosto de 2012

The anniversary of the S&P downgrade – Have we learned anything?

Aca

"The USA has an institutional arrangement in which it is a currency issuer. That is, while the Treasury is an operational currency user (meaning it must always have funds in its account at the Fed before it can spend those funds) it is always able to harness the banks to procure funds. This is achieved through bond auctions in which the dealers are required to bid"

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