Academic

IRA STOLL: Two Trillion and Counting: The Fed and the Magma Chart. ?The ?magma chart? is the name ?

By Glenn Reynolds

IRA STOLL: Two Trillion and Counting: The Fed and the Magma Chart. “The ‘magma chart’ is the name that, according to a post on the New York Times?s Economix blog, is being given to a chart on the Web site of the Federal Reserve Bank of Cleveland that shows the Federal Reserve?s balance sheet growing to about $2 trillion from less than $1 trillion before the economic crisis. . . . hink of it ? $2 trillion in government money, more than the entire annual spending of the entire federal government in 2001 ? thoroughly insulated from the control of elected officials.”

Full post as published by Instapundit.com on August 13, 2010 (boomark / email).