Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Another question for Nathan on swap lines is how this works exactly. If the pattern holds and Mexico, for example, supports its banking system—in the case of Mexico it is a little different from others, in that all of the large banks are foreign-owned (Citibank owns Banamex, and the Spanish banks own the other two or three large banks)— where does our responsibility stop and theirs begin? Is it possible for the subsidiary of a U.S. bank or a Spanish bank to draw dollar liquidity in Mexico and with fungible dollars move that around the world? Or does it in one manner or another stay in Mexico?

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