But because banks are using central-bank liquidity to plug holes in their short-term funding, the money multiplier is collapsing: even as reserves swell, broad-money and credit growth is wilting.
Dena Libner, a spokeswoman for the Central Park Conservancy, said the workers found the munitions after removing a concrete plug from the mouth of the cannon.
At lockups, news organizations have been required to plug their computers into a device called a "black box" tied to a central switch, which blocks computer transmissions until the embargo lifts.