The Past, Present and Future of Federal Reserve Swap Lines (Part 1)

Ever since the era of risk free Zero Interest Rate Policy began with the Great Financial Crisis, there have been a number of different arguments which have popped up in the mainstream economic policy debate about “negative side effects” of this policy. Keeping interest rates low for long periods of
Five months ago I wrote an article [https://www.crisesnotes.com/stanch-the-bleeding-from-local-and/] making the case that state and local governments should issue their own complementary currencies to stabilize their financial situations. In that piece, I argued that these complementary currencies would be more successful if the Federal Reserve created swap