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<p>[QUOTE=&quot;fatima, post: 1308383, member: 22143&quot;]Hahaha.&nbsp; Earlier you said:</p><p><br /></p><p>i.e. you contended that securities sold by the Treasury were not part of the Federal Reserve system since the Treasury sold directly to the public.&nbsp;&nbsp; Now you are arguing that &quot;short term Treasuries&quot; and &quot;corporates&quot; are a component of the Federal Reserve&#039;s money supply.&nbsp;&nbsp; LOL,&nbsp; you can&#039;t have it both ways.&nbsp; </p><p><br /></p><p>Forgetting that you were completely wrong about who holds the auction, the M1 &amp; M2 definition does not include the items that you state that it does.&nbsp; Sorry, you did not provide any proof.[/QUOTE]</p><p><br /></p>

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