There will be many turning points in this first global recession of the modern era, but this week marks one of the good ones. The players: the Fed, the Obama administration, and maybe, just maybe ... the bankers. The Fed is a central bank. All nations have one, each with one unique capability: the authority to print money. In normal times, central banks print money cautiously but routinely through the banking system -- draining in good times, increasing in recessions. In one corner of the Fed's giant conference room hangs an imaginary but thick, red, silken rope. The kind of thing a Victorian might have used to call the butler. However, the imaginary one at the Fed has a huge, red, steel handle on the end. Since 1913, everyone visiting that room has known the rope and handle hang...
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