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The world’s central banks have exhausted almost all their usable ammunition under existing rules

yet still failed to calm markets or to unfreeze critical parts of the global financial system. 

Either the rules are changed fast or we risk uncontrolled global liquidation. 

The US Federal Reserve must be unshackled to act as a buyer-of-last-resort for the corporate debt markets, for great swaths of the credit system, and for Wall Street equity indexes.

The European Central Bank must acquire powers to act as a genuine lender-of-last resort for eurozone sovereign states.

It must do exactly what Christine Lagarde refused to do when she blurted out last week that “the ECB is not here to close bond spreads”

Ambrose Evans-Pritchard, Telegraph 17 March 2020

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