Madame Zorba, Magic Money and the Half-Maxine

By: Dan Perrin (Diary)  |  September 16th at 11:32 AM  | 

As whispers became shrill rumors of a Greek default last week, it became clear that the Federal Reserve was going to “inject liquidity” into the French banks that could not find overnight funds on the open market. Markets are disciplined. The Federal Reserve magic money machine is not. When the market decided the three French banks were over-extended in Greece, and loaning them money was | Read More »