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For that collateral damage is children's hopes and dreams.
But only a tenth of that collateral was real.
If that collateral falls in value, the central banks could lose money.
And that was my first struggle, to remove that collateral and show that we can still call it banking; that it works even better.' Unbelievably, that is exactly what Grameen Bank has done.
When many of the fast-growing computer and telecommunications stocks fell in March and April, the value of that collateral declined, prompting many brokers to force customers to put up more cash or sell shares purchased on credit.
That collateral was debt issued or guaranteed by the Greek government, which was junk-rated and therefore barred by the ECB's collateral rules, which insist on an investment-grade credit rating.
Some of that collateral, now mostly asset-backed securities, is so illiquid that it has yet to be unwound.
Any gains or losses on that collateral will be absorbed by the Fed; JPMorgan Chase has no liability on the Bear Stearns assets beyond an initial $1 billion.
Now, JPMorgan will take on $1 billion worth of the first losses on that collateral before the Fed's backstop kicks in.
If AIG were legally obligated to possess that collateral, the swaps would have been called "insurance".
"I had lost that collateral.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com