Although the rates at which banks lend to each other have eased considerably from their peaks, banks have cut back significantly on the amount of money they are actually lending.

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Source: Gluskin Sheff

The fact that the money multiplier is breaking down can be seen from in the US Depository Institutions Aggregate Excess Reserves - which are zero in a normal credit environment - continuing to skyrocket far in excess of the amount that banks need to keep on deposit to meet their reserve requirements. The excess reserves now amount to a record $877 billion and reflect the uncertainty about banks' balance sheets in view of the fact that the value of some assets is not known.

US Aggregate Depository Institutions Excess Reserves

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Source: Fullermoney

A peak in the excess reserves should coincide with the global credit system returning to normal levels and liquidity starting to move freely again.