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Central Banks Are Destroying Traditional Risk Spread Methodologies

a very literate commentary. but I don't understand why banks would borrow in the Euro-dollar system, which is unregulated (no legal reserves, only "prudential" or liquidity reserves) which has been allowed by the governments and central bankers to create trillions of new inter-national units of account. this deluge of international money has imposed excessive inflationary pressures on prices (e.g., housing, etc.).