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The relentless campaign promoting the inevitability of a direct war with Russia is proceeding without challenge. That does not mean that war could erupt at any moment, or it could never happen. First, war is not based on a timetable. Second, war has no deterministic quality of any sort—it can be avoided. Third, but most
The most fundamental of the Federal Reserve System’s many responsibilities is that of serving as the U.S. financial markets’ ultimate source of liquidity. Federal Reserve notes, along with account balances held by private depository institutions at the various Fed banks, are the U.S. economy’s final means of payment, and hence its most liquid assets, the scarcity of which is a crucial determinant of the scarcity of other liquid assets.