Here's something a bit curious, sent by an educated relative.
He went to the Federal Reserve stats database and downloaded a large bunch of figures.
The interesting part:
In January 2008, "Non-Borrowed Reserves of Depositary Institutions" went NEGATIVE.
The high-water mark of Non-Borrowed Reserves was in January '05 at $47.7 Billion, and it deteriorated since then. In November '07, it was $42Bn or so; in December '07, it was $27Bn (a very large drop), and became -3.5Bn in January '08.
Mind you, the table runs back to 1959. There was NEVER a negative NBR number until Jan'08.
It got worse:
By October '08, the nadir, NBR was $332Bn--then it began turning around. (Paulson, anyone?)
In December '08, the number was back in positive territory, at $167Bn or so.
Curious, no?
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