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Is hyperinflation possible? - iTulip.com
We are in the midst of a financial crisis completely without precedent. An analysis by economist John Atlee at Harvard in 2001 shows, "...bank reserve balances at the Fed -- the only reserves the Fed actually controls by its open market operations -- are now only about $7 billion. That's a miniscule 1.3% of checking accounts (not the official 10%), resulting in... extreme leverages." At the time he wrote that report in 2001, total borrowings had never in the Fed's entire history exceed a few billion in a crisis. Atlee, by the way, is in favor of a 100% reserve requirement.

created May 10, 2008 by Jim Cowie

 
 

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1 response

 
  • Arkansan May 11, 2008
     
    I found this a helpful discussion and have subscribed to his newsletter. Normally "economics" discussion makes my eyes glaze over.
     
 
 
 
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