This chart from the St. Louis Fed got my attention. One thing led to another and makes me ask the question for this thread. US Monetary base collapse chart from the St Louis FED http://research.stlouisfed.org/fred...e&width=1000&height=600&preserve_ratio=true&s[id]=NFORBRES (sorry, you'll have to type in the NFORBRES in the series look up box, I couldn't get the whole link to take.) It appears that the Term Auction Facility is a new "tool" that the Fed is using to inject liquidity. I went to Wikipedia to find out what the TAF is and the definition describes what appears to be a dodge by the Fed to lend to institutions outside its' purview. Note the phrase "the Fed coordinated with other central banks to lend simultaneously to depository institutions outside of its jurisdiction, which it cannot lend to directly.". Am I reading this right? Our depository institutions have negative reserves and the Fed is going to throw gobs of money worldwide to to keep credit available? Comments?