Money that could be used to pay down a mortgage might instead be used to build up a liquid reserve of funds for emergencies.

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Is it not something of a surprise then to see that the nation with the largest economy, the most influential government, the leading central bank and the only totally liquid, 24-7 reserve currency is not the leader in economic growth within the developed world?

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Surplus countries have little choice but to place most of their spare funds in the reserve currency since it is used to settle trade and has the most liquid bond market.

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After all, other than its yield, is cash held in the form of liquid Treasury notes all the different than cash held in the vaults of the Federal Reserve, especially when the Federal Reserve stands ready to buy those Treasury notes from any and all too-big-to-fail sellers essentially on demand, if need be?

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In 2009, excess bank reserves grew through banks' preference for liquid assets, and the certain (though low) interest earned by deposits at the Federal Reserve.

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