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What's worse, since the H.3 report says that the amount of "required reserves" is $40 billion or so, and the non-borrowed reserves is more than double that amount the system is not only insolvent (that is, has non-borrowed equal to the required amount) but in fact is negative by double the amount required.
What does this mean? It means that in aggregate the banking system is broke. The system in aggregate has a negative net value by about $60 billion.
created May 14, 2008 by Jim Cowie
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