"...clearly, the money market mutual fund, that 2a-7 fund as it's known here in the United States, is the bedrock of the shadow banking system...
"The money market mutual fund industry is a huge industry and poses massive systemic risk to the system ...it's subject to runs....
...its just as safe as an FDIC bank deposit.
We found that out in spades back in 2008..."
"... an example of shadow banking that really didn't have a deleterious effect in 2008.....hedge funds with very long lockups on their liability...they weren't part and parcel of a run because they were locked up."
a picture of the run :
