The better question: who was flooding the system with quotes and why?
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But as Geanakoplos and Dubey argue, credit cards increase the amount of dollars that each household can spend at one time, thereby flooding the system with both real money (cash) and promised money (debts).
And he cautioned against central banks flooding the financial system with too much liquidity.
To prevent flooding, a system of pumps, canals and levees was put in place by the Army Corps of Engineers.
The Bank of Japan is doing its best to fix the first part of this problem, flooding the banking system with reserves.
Even if interest rates hit zero, they argue, central banks can use other measures, such as flooding the banking system with money, buying government bonds or intervening in the currency markets.
The Federal Reserve has been flooding the banking system with cash, so much so in the last week that it has pushed the effective overnight interest rate below the central bank's target 2%.
An estimated 100-150 tons of debris was spread across the road and torrential rainfall blocked the drainage system, causing severe flooding on the road surface.
More than 1, 800 people died in the storm, most -- nearly 1, 600 -- in Louisiana, where Katrina devastated New Orleans when the city's levee system failed and widespread flooding occurred.
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If the project is successful, as a pilot has been, it will also establish the use of an internet-based management system, mitigate losses from flooding and increase the supply of water to industry.
New Jersey's public-transit system was suspended indefinitely, with flooding at Hoboken, Secaucus and Newark Penn stations all major transit hubs that also link commuters with Manhattan.
Rather than trying to eliminate the source of these tides, between 1974 and 1984 the U.K. constructed the Thames Barrier, an innovative monumental system of movable floodgates that prevents the flooding.
Thames Water has admitted its drainage system has been overwhelmed by recent heavy rain and flooding.
Weinberg noted that Katrina had been a Category 3 hurricane before moving up to Category 5, and there are thus still concerns about whether New Orleans' partially-rebuilt levee system can contain a sudden storm surge and prevent the city from flooding.
On August 1 a trading system malfunctioned at Knight resulting in erroneous orders sometimes multiplying trades 1, 000 times and flooding the market with orders.
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He added that the council planned to install a new sewer system in the waterfront area as part of its redevelopment and that would help resolve the flooding problems in Dock Street.
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