In this episode I walk through an understanding of Liquidity and how the actions of the Federal Reserve can't increase liquidity and flow in the economy. I also give a quick definition of the REPO market and interpret it as a money substitute factory - a place that creates and destroys money substitutes. This is the consensus layer of the global financial system and how we need to define what money is. It's money substitutes that flow through the REPO and money markets.

Mises on money​ substitutes

https://wiki.mises.org/wiki/Money_substitutes

Jeff Snider

https://www.youtube.com/watch?v=OM_J-4fJYEk

​Excellent REPO market resource

​https://www.icmagroup.org/Regulatory-Policy-and-Market-Practice/repo-and-collateral-markets/icma-ercc-publications/frequently-asked-questions-on-repo/4-how-big-is-the-repo-market/

​Highlighted Fed paper on Discount Window Stigma and how they try to address it

https://hyp.is/go?url=https%3A%2F%2Fwww.federalreserve.gov%2Feconres%2Fnotes%2Ffeds-notes%2Fstigma-and-the-discount-window-20171219.htm&group=__world__