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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As more and more people have taken an interest in monetary affairs—especially in the Fed and its various operations—in recent years, many people have joined the discussions related to these matters, especially on the World Wide Web. In reading these posts over the years, in particular in reading the comments on a post I placed...
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