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Fiscal Dominance and Fed Complacency

Fiscal Dominance and Fed Complacency
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In his first speech as a member of the Federal Reserve’s Board of Governors, Christopher Waller defended Fed independence and reassured his audience that “deficit financing and debt servicing issues play no role in our policy decisions and never will.” His goal was to dispel the “narrative” that, with massive federal debt and fiscal deficits, the Fed may become subservient to the Treasury. Large‐scale debt monetization could then lead to inflation and a loss of Fed independence.
Waller was adamant that the Fed would not “succumb to pressures (1) to keep interest rates low to help service the debt and (2) to maintain asset purchases to help finance the federal government.” Despite his statement, there may be reason to fear fiscal dominance. As Harvard economist Greg Mankiw warns, “It would be a mistake to put too much faith in the prescience and skill of central bankers.” ....

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Ron Paul and our Big, Fat 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 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. ....

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How Ron Paul Aided And Abetted An Expanded Fed

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. ....

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