Daniel H. Neilson

As a matter of accounting, if the U.S. as a whole buys from the rest of the world more than it sells to the rest of the world, then it must, on net, also be borrowing from the rest of the world. Perry has previously put this into a money-view context.

These days, one hears worries of impending inflation.

The Term Securities Lending Facility (TSLF) was one of the bigger (in dollar terms) emergency programs implemented by the Fed during the crisis of 2008.

In my last post I argued that if we want a Fed that is ready for the next crisis, we had better understand what happened to it during the last one.