The Federal Reserve's quantitative easing purchases in March 2020 did not solve the underlying dollar shortage or collateral crisis; what actually stabilized the system was the US Treasury issuing massive amounts of treasury bills (on-the-run collateral) starting in late March after the CARES Act, restoring the collateral base.

causalpending

Speaker

Jeff Snider

Evidence Quote

the liquidity problem didn't end until the FED until the U.S treasury issued more treasury bills

Source

The Offshore Global Dollar System | Jeff SniderMoney & Macro Talks
Created: 8/12/2026, 10:39:49 PM

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