Robert Higgs | Wednesday October 24, 2012 at 2:16 PM PST | 11 Comments
Since the fall of 2008, the Federal Reserve System has pumped an almost incomprehensibly large amount of reserves into the commercial banking system—about $1.4 trillion. In normal circumstances, this action would have given rise to hyperinflation. Of course, not only has no hyperinflation occurred, but scarcely any inflation at all has occurred, and policy...
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Tags: Bailouts, bank reserves, Economics, Federal Reserve, Federal Reserve System, fiat money, Government subsidies, hyperinflation, Inflation, monetary circulation, Money and Banking, money stock, money supply, velocity of circulation
Robert Higgs | Saturday July 18, 2009 at 1:07 PM PST | 52 Comments
A passel of bigwig economists has signed a petition urging Congress and the executive branch “to reaffirm their support for and defend the independence of the Federal Reserve System as a foundation of U.S. economic stability.” In support of this defense of the Fed against those now challenging the secrecy of its undertakings and,...
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Tags: Chicago School of economics, Economics, Federal Reserve, Federal Reserve System, Federal Reserve Transparency Act, Goldman Sachs, House of Representatives, HR 1207, Inflation, Keynesian economics, macroeconomics, monetarism, Money and Banking, Morgan Stanley, Politics, Ron Paul, S 604, The State