James Grant, December 2008: “Money-Printing” at the Fed

A year later and still merrily printing, printing, printing…

…more debt and more dollars. Just how much of each can be found every Thursday evening on the Fed's own Web site. Open up form H4.1 and prepare to be amazed. Since Labor Day, the Fed’s assets have zoomed to $2.31 trillion from $905.7 billion. And what is the significance of this stunning rate of asset growth? Simply this: The Fed pays for its assets with freshly made dollars. It conjures them into existence on a computer; “printing” is a figure of speech.

via The Problem With the Federal Reserve’s Money-Printing – WSJ.com.

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