As Liberty Nation regularly reported over the last nine months, 2020 was the year of the printing press. Federal Reserve Chair Jerome Powell ignited the money printer go brrr blitzkrieg, allowing the machine to run overtime in the vaults of the Eccles Building. From an explosion in the money supply to a spike in the balance sheet, the U.S. central bank was flexing its muscles like two wrestlers in World Wrestling Entertainment (WWE). But just how much did the Fed print this year?
Here is a look at the Fed’s M2 money stock data beginning from March:
The Fed’s balance sheet has stabilized after topping $7 trillion, but it is still growing gradually. When it slipped, the market reacted negatively. With Powell and Co. poised to maintain unlimited quantitative easing and historically low interest rates, the balance sheet will inevitably balloon in 2021. Take a gander at the current balance sheet:
Powell told both reporters ad Congress that the Fed is not out of ammunition and that it can fire the bazookas anytime it needs to during and after the COVID-19 pandemic. He said at a press conference following the November Federal Open Market Committee (FOMC) policy meeting:
Indeed, the Fed still has options at its disposal, mainly introducing subzero interest rates and buying stocks. But will the central bank employ these extraordinary measures when the next economic collapse paralyzes the United States stock market and the broaer economy? The Fed’s newest mandate – or so it seems – is to do whatever it takes, à la former European Central Bank (ECB) chief Mario Draghi.
But this mandate has been adopted by central banks worldwide. According to the Bloomberg Global Money Supply Index, the supply of money in 12 of the world’s biggest economies has exploded by $14 trillion to more than $90 trillion over the last year.
Goodbye, any semblance of sound money. Hello, consumer price inflation!
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