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Regular readers of
Alt-M don t need to be told that yours truly is no fan of the Fed s gigantic credit footprint. Even before the recent crisis, he lamented both the extent to which the Fed went from merely
regulating this nation s short-term money market to
being its short-term money market, and the switch to an abundant reserve or floor operating system that made a bigger Fed footprint inevitable.
By the time the Great Recession ended, the Fed s balance sheet was more than four times as large as it was in mid-2008. And now, thanks to the COVID-19 crisis, it has doubled in size yet again, to just shy of $7.6 trillion.
How Ron Paul Aided And Abetted An Expanded Fed
Regular readers of
Alt-M don t need to be told that yours truly is no fan of the Fed s gigantic credit footprint. Even before the recent crisis, he lamented both the extent to which the Fed had switched from regulating this nation s short-term money market to
being its short-term money market, and the switch to an abundant reserve or floor operating system that made a bigger Fed footprint inevitable.
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By the time the Great Recession ended, the Fed s balance sheet was more than four times as large as it was in mid-2008. And now, thanks to the COVID-19 crisis, it has doubled in size yet again, to just shy of $7.6 trillion.