Formed in 2009, the Archive Team (not to be confused with the archive.org Archive-It Team) is a rogue archivist collective dedicated to saving copies of rapidly dying or deleted websites for the sake of history and digital heritage. The group is 100% composed of volunteers and interested parties, and has expanded into a large amount of related projects for saving online and digital history.
The changing nature of banks, post-crisis edition
Courtesy of Dr. George Selgin comes this chart from FRED: Dr. Selgin has added a vertical line to indicate when the Fed imposed interest on excess reserves. I don't propose to discuss that here, since I have engaged in an interesting and spirited discussion with Dr. Selgin and others about it on both Forbes and Twitter. I am more interested in what else this chart shows. It is truly fascinating. The first thing to note is the fast rise in bank reserves from the latter part of 2008 onwards (blue line). This is due to emergency liquidity support and distressed asset purchases in the immediate aftermath of the 2008 financial crisis, and of course to QE. Unsurprisingly, there was a sharp fall in interbank lending at the time of the crisis. It recovered somewhat early in 2009, but then interbank lending fell again during the main phase of QE1. This is not surprising, since QE1 gave banks more than enough reserves to settle deposit withdrawals. They had no need to borrow from ea
