OPINION: Say your prayers. We no longer have a lender of last resort fully standing behind the global financial system. The US Federal Reserve is prohibited by law from carrying out precisely those emergency actions that halted contagion and a worldwide collapse in October 2008.
from
http://www.stuff.co.nz/business/money/101494449/Is-this-the-end-of-capitalism-US-Federal-Reserve-financial-safety-net-is-gone
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