In the aftermath of the financial crisis peaking, universally reckoned to be the collapse of Lehman Brothers in September 2008, the Fed implemented an unprecedented campaign of quantitative easing, (QE). Though the product of MIT PhD economists, QE was quite simple. QE required the Fed to greatly expand its balance sheet. The Fed did this by creating money - trillions of dolla
Recently two Fed presidents, Eric Rosengren of Boston and Robert Kaplan of Dallas were forced to resign. Before discussing the circumstances surrounding their resignations, it is useful to examine their backgrounds because they give insight into the two types of people who dominate the Federal Reserve - academics and Goldman Sachs alumni. Rosengren is a PhD economist and has never h
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It is hard to believe, but it has been almost twenty-years since the 'most-wanted' Iraqi playing cards were issued by the Defense Intelligence Agency (DIA). Recall, this deck of cards was comprised of Iraqi officials wanted by the coalition then governing Iraq. The cards were arranged so that the most wanted officials had the highest face value cards. Most famously, Saddam Hus
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