Yes Mr Angell, the Fed's balance sheet is infinite. So is the balance sheet of Zimbabwe. Part of the reason why gold was up 10% today was because people recognise the problem with the government having an "infinite" balance sheet.
The Fed's ability to print money is bounded by USD/EUR = 0.00 Zimbabwe printed a 100B note, but Yugoslavia has the record with the 500B note.
He was on Kudlow and Cronies last night happy that the Pawnshop loaned money to AIG and said that there was tremendous growth in the US. Amazing this guy worked at the Fed. From that Max Keiser site: "If we all join hands and go buy a new SUV, everything will be all right," said Dallas Fed governor Bob McTeer after 9/11. "What we dearly want is for Americans to spend like Americans â to do the patriotic thing and go out and spend," agreed Bill McDonough, head of the New York Fed in October '01. It really is time to get rid of the Pawnshop.
A lot of people want to eliminate the Fed. Wayne Angell is helping start the next american coup de tat.
i think this is the record note: 100 quintillion Hungarian Pengo note.. they should have raised rates