Thomas Hoenig on Inflation and the Federal Reserve
The Great Antidote
The Federal Open Market Committee
The federal open market committee, or f o m c, is responsible for setting monetary policy. It determines the amount of new money that'll be created by its purchases of assets. Normally those assets are government securities, but more recently they've also included mortgage securities. And when they buy those assets, a that committee, i should say, is does so by creating, literally from nothing,. A liability called a federal reserve note, or a federal reserve account with 24 major primary dealer banks.
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