Oops - Carnival of the Capitalists

I forgot to plug the Carnival of the Capitalists for the week of August 13, hosted by Spooky Action.

I wasn't thrilled by the offerings, but Econbrowser has a solid analysis of the liquidity actions taken by the Federal Reserve (and other central banks) over the last few weeks:

The bottom line is that the Fed was doing exactly what it needed to do. But the fact that this was needed is a very troubling development.

I would add that the Fed is not only doing what it is needed, but doing what it regularly failed to do through the 70 years or so of its existence.