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Conversely, the central bank should not permit the value of an asset as discount window collateral to increase after it is issued. Locking the value of an asset as collateral once it is issued means that even if the central bank takes leave of its senses and allows assets to be posted as collateral at bubble-inflated values it will only apply to new assets originated during the bubble. (And, of course, if one wants to avoid having to mark collateral to market on the way down, one must also avoid marking it to market on the way up.)
- Jake Friends come and go. Enemies accumulate.
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