The Safety and Immediacy of Liquid Assets in a Deleveraging Panic: MZM, Home Currencies, Bank Reserves, and Gold

``Banks need a kick start by a component of the economy that is still functioning normally, if in an impaired manner. That is in the real economy. Rather than reaching the real economy through the banks, the Fed and Treasury might well be more effective in focusing on stimulating real economic activity by stimulating consumption and production directly. Trickle up if you will.''