The Fed may or may not succeed in reviving the credit system. In the immediate future, 6-18 months, it appears unlikely it can. The situation is like that of 1930-32 when many banks failed and credit disappeared. In this case, the banks are there but not functioning. There is not much difference. In the 1930s and at other depressions in the past, the free market revived credit outside the banking system by using goods warrants, certificates, railway money, tickets, vouchers, and scrip. In international trade, shipping is now stalling and letters of credit from banks slowing down to a crawl. … Continue reading Goods warrants and scrip lie ahead