Perry and I extend our apologies for the unplanned hiatus. By way of breaking radio silence, it seems appropriate to check in on our two favorite banks. Here's the Fed's balance sheet, asset side first:
About this Blog
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The idea of this blog is to engage current financial news and policy debates from the standpoint of the classics of monetary theory. We ask, “What would Bagehot say?”, “What would Minsky say?”, “What would Fischer Black say?” Like them, our starting point is the idea that capitalism is essentially a financial system, which means that we need to take a money view in order to understand how it works.
The New Lombard Street
Perry Mehrling is the author of The New Lombard Street, which traces the evolution of ideas and institutions in the American banking system since the establishment of the Federal Reserve in 1913.