Published at Financial Times Alphaville

I had a piece ready to go tomorrow covering the shocking story of the Federal Reserve nearly abandoning its 13(3) emergency lending authority in 1967. But I’ve moved it to next Tuesday because of the urgency of the moment. Obviously it's very unlikely for the Federal Reserve to jump in the middle of the Hurricane Milton disaster response but the situation is genuinely so dire that I am hoping pushing them right at this moment could lead them to seriously think about it. And in the bigger picture, criticism for their failure now makes it more possible in the future. Meanwhile the 30,000 pages of FOIAed Federal Reserve Board Minutes will come right after







