Combs Spouts Off

"It's my opinion and it's very true."

  • Calendar

    February 2024
    S M T W T F S
  • Recent Posts

  • Tag Cloud

  • Archives

Posts Tagged ‘federal reserve’

Disturbing history of Fed

Posted by Richard on February 16, 2012

Gresham’s Law has a sobering graphical history of the Federal Reserve System’s assets from 1915 to 2012. Here’s Tom Gresham’s introduction:

Here we present a history of the Fed in charts. As you’ll surely glean from the below — the Fed has degenerated from a by and large passive institution (dealing only in high-quality self-liquidating commercial paper and gold) to an active pursuant of junk, an enabler of wars, a ‘benevolent’ combatant of the depressions of its own creation, a central planner of employment & prices and of course a forgiving friend to inconvenient market follies.

The first graph, showing the entire 97-year history, is a hockey stick if there ever was one. And unlike Mann’s bogus global warming hockey stick, it’s not based on jiggering the data.

There are only two possible endgames: default or devaluation of the currency. My money’s on the latter.

Posted in Uncategorized | Tagged: , , , | Leave a Comment »