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"In 6 lousy weeks, all of the total credit in the banking system created by the Fed since 1913 was almost instantly doubled!"

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by The Mogambo Guru at The Daily Reckoning. 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". And in an odd bit of symmetry to the just-pledged $540 billion, he goes on to report that "Money Fund assets have posted a one-year increase of $566bn (19.1%)." And now they need half a trillion dollars? Half a freaking trillion? And since we are talking about things that are astonishing, get this: Total Fed Credit jumped by another $63.2 billion last week! ...

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