Indeed. Without powerful demand stimulation that lifts household consumption from the bottom, shifting supply-demand equilibrium into positive territory will be exceptionally difficult. (N1 lesson 6)
Yes. It is a framework that removes the need to dump assets for cash, and speeds up settlement. Without firm coordinated facilities concluded among the major central banks, it is impossible to absorb the shocks of global capital flows and avert systemic crisis. (N1 lesson 40)
You should launch at once an unlimited dollar liquidity operation under the standing currency swap agreement with the Federal Reserve. Without a close rapid-response posture among the major central banks, it is impossible to put out the fire in global financial markets and cut off the spread of systemic risk. (N1 lesson 66)
Indeed. Without close international coordination with US and European counterpart central banks, liquidating a portion of our foreign debt holdings to secure foreign currency liquidity without triggering offshore market shocks would be exceptionally difficult. (N1 lesson 83)
I never thought its financial resilience to outside shocks was this fragile... Without an emergency capital increase, raised privately on its own, there is no way to contain depositors' fears and prevent a chain of failures. (N1 lesson 93)
Yes. Without careful groundwork beforehand and a meticulous explanation of the policy, there is no containing the market's unease. To protect our credibility as a central bank, we too must come to tomorrow's deliberations fully resolved. It is time to bring our long groping in the dark to a close. (N1 lesson 29)
