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主题:【原创】货币政策,汇率和房地产。读忙总货币政策文有感 -- mopfish

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家园 mark to historical cost

If everything is based on true fair market value, then china's central bank already has negative net worth now.

The same thing for Federal Reserve of America.

Central bank is the only bank which does not need to care about so called capital sufficiency and does not have to mark to market.

Without Ben as the sole buyer of mortgage-backed securities, the mortgage rate of 2009 in States will not be so low.

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