June 02, 2003

Imagine if magically every dollar bill in your wallet turned into two dollar bills -- and every 20 dollar bill turned into two 20 dollar bills. This, essentially, is what has happened to your money since Alan Greenspan joined the Fed. Reserve in 1987. We continue to live in the Great Age of Inflation. M-3 has grown from $3.6 trillion 16 years ago to $8.6 trillion today. As Doug French esplains, this means that:

In his almost 16 years on the job Greenspan has created more money out of thin air than ever had been created in all the years leading up to his appointment.
Posted by Greg Ransom