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The financial crunch has been averted.	by Peace_man	2007-08-13 14:25:37
the US federal reserve	by jaqie	2007-08-13 16:46:19
Two words: "Smithsonian Agreement"	by esbita	2007-08-13 17:35:49
Nixon abolished the gold-backed dollar. Soon after the G10 met and (somewhat frantically) set a float. The major items in the Fed's balance sheet are Treasury bills/bonds (a chunk of our national debt is held by the Fed), and repurchase agreements with banks and broker/dealers. Most of the Fed's assets are actually...debt notes.
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