by Robert Wenzel, The Economic Policy Journal:
The elitist establishment hates money markets, they prefer you keep your money in their banks, Chase, Citi etc.
They are going to make it very dangerous, through their tool, the SEC, to keep money in money market accounts. First, as FT explains, they are going to drive money markets to only buy government securities, especially institutional money market funds. In other words, money market funds will all be about propping up the government debt structure:
Fund managers are jostling to keep hold of $900bn of assets that could be shaken loose by new US rules on money markets funds due to be unveiled this week.
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