A great article. My favorite parts were the history about the Fed being forced do exchange physical gold for gold certificates during the FDR administration during the 1930s and your great quote "The financial system in the United States, and for most of the rest of the world for that matter, can basically be thought of as an Excel spreadsheet managed by the Federal Reserve. That’s all it really is."
I published a new macro article today: https://www.lynalden.com/broke-federal-reserve/
Since September 2022, the Fed has been operating at a financial loss. This article examines some of the ramifications of that. The main result is that money that would otherwise flow to the US Treasury now flows to US banks and money market funds instead.
Sharing it on Nostr today and Twitter tomorrow. ;)
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