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The New Lombard Street: How the Fed Became the Dealer of Last Resort
     

The New Lombard Street: How the Fed Became the Dealer of Last Resort

by Perry Mehrling
 

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Walter Bagehot's Lombard Street, published in 1873 in the wake of a devastating London bank collapse, explained in clear and straightforward terms why central banks must serve as the lender of last resort to ensure liquidity in a faltering credit system. Bagehot's book set down the principles that helped define the role of modern central banks, particularly

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