The Punctured Bag and the Firehose

Few people are able to see through the smoke and grasp the sinister machinations of the Federal Reserve, the US Treasury and their affiliate the European Central Bank. It’s possible to endlessly pour over news articles, faithfully read all of the Fed’s reports and maybe even take night classes in macroeconomics and finance, and still not have much of an intuitive grasp of what’s happening. Statistics don’t so much lie as just sit there and let you stare at them blankly without a clue as to what all of it really means.

And yet once in a while a statistic catches my eye that describes the situation quite eloquently. Here is one: 83% of all the US dollars that now exist in the world have been summoned into existence during just the past 22 months; since May 2021, that is. Four out of every five dollars in existence has been conjured up pretty much yesterday in historical terms.


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