The World’s Reluctant Central Banker
In a largely dollarized world economy, the only certain tool for avoiding liquidity crises is a lender of last resort in dollars, and that lender is the US Federal Reserve. The sooner the US and the rest of the world fully recognize this, the safer the world economy will be.
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NEW YORK – This is supposed to be the era of powerful central banks, ready to wield their firepower worldwide. Yet the most powerful of all central banks – the United States Federal Reserve – is also the most reluctant to acknowledge its global reach.