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Re: The Limits To Growth
Paul Farrar wrote:
>
> In article <32AEF309.698@bionomics.org>,
> Max Jacobs <mjacobs@bionomics.org> wrote:
>
> Perhaps "we at the Bionomics Institute" should find out what the Federal
> Funds rate is and how it is set, and how it differs from the Fed's
> discount rate.
Ok my mistake. But that doesnt really change anything. The fed still
doesnt have as much power as the original author thinks. The foreign
exchange markets have a turnover of $1 trillion a day. Billions of
dollars can go into and out of bank accounts with the press of a
button. Money streams in and out of economies faster than central banks
can blink. In other words the markets are essentially in control of
interest rates and not the fed.
Max
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