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    It seems to me that it is not that it has necessarily failed to get money into the system as much as it has failed to convince the banks to free up the system and start lending to each other.

    Having said that it is worth noting that the key 3 month LIBOR eased down below 2% today with most commentators forecasting some further easing over the course of the month. This tends to suggest that banks are becoming more prepared to offer money to each other.

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