Here's a major signal of panic and the inability of European banks to find short-term funding.
Friday's usage of the ECB's overnight deposit facility hit an all time high of €350.9 billion, an increase of €50 billion from the day before.
Given the continued European flight to hold cash and the simultaneous no money growth postures of the Federal Reserve and ECB, huge, and I mean huge downside vulnerability exists in global markets. Tread carefully.
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