June 28, 2000: The Day Alan Greenspan Jumped The Monetary Shark, Part 2

On any given risk-off day the market cap of either Amazon or Google can change by $39 billion. That’s notable because as we saw in Part 1, just 19 years ago the Maestro clarified that Money could no longer be easily defined and that a mere $39 billion of required bank reserves was all the high-powered Fed money […]