The dangerous scramble for liquidity


One of the malign effects of the financial crisis is that over-confidence about financial stability has been replaced with over-caution, which can be just as dangerous. Over-caution is manifested in, among other things, the scramble for liquid assets, which is in progress at present and which is powerfully retarding economic recovery. It is not just the private sector that has become over-cautious - regulators, governments and central banks are also joining in, without, it seems, considering the

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