To understand money supply growth, it is essential to distinguish between reserve creation and deposit creation. Garrett argues that referring to the Fed’s operations as 'money printing' is not merely ...

Arthur Hayes believes the U.S. Federal Reserve is preparing to adopt yield curve control, a policy where the central bank fixes interest rates on government bonds by purchasing unlimited amounts of ...

Fed operations create reserves, not spendable money; real money is created when banks make loans, meaning QE changes the form of liquidity, not the quantity of broad money in the economy. This article ...