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The astonishing news to me was that the Fed has pledged to plow $540 billion into the money market, which is composed of very short-term debt, which is, as I already said, pretty astonishing since the total money market is about $3.5 trillion, and which has had (according to Doug Noland in his Credit Bubble Bulletin) "a y-t-d expansion of $423bn, or 16.8% annualized". news.goldseek.com
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