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Too Much Money Chasing Too Few Goods and Services

Estimated Reading Time: 2 minutes

Inflation can be considered a tax, an especially regressive one, falling harder on those with lower income and/or assets. As we’ve noted previously, the Federal Reserve’s “M2” monetary aggregate began growing significantly faster than the “GDP” measure of economic output in the United States beginning around 2008, amidst the 2007-2009 financial and economic crisis. With […]

The Fed Says It Stabilizes the Economy. I’m Skeptical.

Estimated Reading Time: 5 minutes

Before, during, and after the 2007–09 financial crisis, the masthead of the Federal Reserve Board’s main webpage included the following assertion right below its name at the top of the page: The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible and stable monetary and financial system. This […]