August 13, 2010

IRA STOLL: Two Trillion and Counting: The Fed and the Magma Chart. “The ‘magma chart’ is the name that, according to a post on the New York Times’s Economix blog, is being given to a chart on the Web site of the Federal Reserve Bank of Cleveland that shows the Federal Reserve’s balance sheet growing to about $2 trillion from less than $1 trillion before the economic crisis. . . . Think of it — $2 trillion in government money, more than the entire annual spending of the entire federal government in 2001 — thoroughly insulated from the control of elected officials.”

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