Does the Fed Print Money? Of Course! Jim Bianco Calls It “Fraud, Counterfeiting”
By Aaron Task
Does the Fed print money?
Our recent attempt to answer this seemingly simple question prompted a torrent of comments, much of it negative and unfit for publication on a family-friendly Web site. (See: No, the Fed Does NOT 'Print Money': Just Explain It)
In the accompanying video, Jim Bianco, president of Bianco Research, offers bit more sophisticated critique of our coverage on this controversial issue.
While the U.S. Treasury does indeed control the printing of hard currency in America, Bianco says we goofed by omitting the realities of the Fed's electronic printing press.
"The ability of the Fed to increase the amount of money in banks' reserve accounts; that's what most people mean when they talk about money printing and that's under the direction of the Fed," Bianco says.
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