To put that in perspective, it’s roughly triple the amount of money that the Fed created in its first 95 years of existence. It was a hinge point in American history, and the economy has never been the same since.īetween 20, the Federal Reserve printed more than $3.5 trillion in new bills. Hoenig’s string of dissents shattered that appearance of unanimity at a critically important time, when the Fed was expanding its interventions in the American economy to an unprecedented degree. The committee likes to present a unified front to the public because it is arguably the most powerful governing body in American economic affairs. Hoenig’s dissents are striking because the Fed’s top policy committee - called the Federal Open Market Committee, or FOMC - doesn’t just prize consensus it nearly demands it.
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