The U.S. could help itself, and the rest of the world, by prodding Germany and Japan to contribute to global economic growth and the stability of the Western world order, writes Michael Ivanovitch.
Washington is facing binding constraints for additional monetary and fiscal stimuli. All the U.S. has left are instruments of economic and financial crisis management.
The U.S. could help itself, and the rest of the world, by prodding Germany and Japan to contribute to global economic growth and the stability of the Western world order. The ensuing rush to prevent a systemic failure of the U.S. economy was an all-out effort to keep the banks afloat with liquidity provisions, technically called banks' borrowed reserves at the Fed,To get an idea of the panic and the magnitude of the crisis, you can compare that astronomical amount with monthly averages of $240 million that banks were borrowing at the Fed in June and July of 2007.
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