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US Credit Shriking at Great Depression Rate

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YOU CAN LEAD A HORSE TO WATER...
Both bank credit and the M3 money supply in the United States have been contracting at rates comparable to the onset of the Great Depression since early summer,the Telegraph reports (something noted on Minyanville frequently over the past two months).

"It is unclear why the US Federal Reserve has allowed this to occur," the newspaper says. But here's the thing: the Federal Reserve has no control over it. The Fed can make credit available, but if no one is willing to take it then the money supply will contract despite policymakers' best efforts. "A central bank can make credit available, but there must be a demand for it or it's like throwing a party where no one shows up," according to Kevin Depew.
SOURCE:   Telegraph (UK)

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