The Achilles heel of American finance

The $2.6 trillion money market fund sector underpins much of the US economy. Without regulatory changes, any run could become a stampede.

What is the weakest link in America’s financial system today? That is not a question many have asked recently. After all, US banks look pretty healthy these days, at least relative to the horrors of eurozone banks. And the unfolding Libor saga has dominated much of the political debate and regulatory attention.

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