A Liquid - has a definite volume but no fixed shape.
The World got even more liquid over night. The PBOC joined the ranks of global CBs and governments embracing the fallacy of a Liquidity Trap. Grey-hairs love to oscillate between inflationary fears and "pushing on a string". We continue to believe it is the system infrastructure that is damaged not the "volume" of its liquidity.( see Ad Nausea earlier postings) Whether the Fed's balance sheet, the ECBs threats or the PBOC pump, the "shape" of the liquidity is not calibrated correctly.
The Modern Monetarists continue to advocate the view that if you aren't getting the desired results, you simply need to do MORE. The truth is the Globe wasn't running at stall-ish speed because it lacked liquidity. Now, there's more of it. Perhaps, when this proves feeble too, we'll start working at changing the structure of the "vessel" rather than the quantity in it.