When the US Federal Reserve was created in 1913, its most important function was to serve as a lender of last resort to troubled banks, providing emergency liquidity via the discount facility.
Avšak zřítí-li se hráze finanční soustavy, mohli bychom být na cestě k desetiletí silné deflace, která by brala expanzivnímu stimulu veškerou užitečnost.