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Phil Gramm

Phil Gramm was chairman of the Senate Banking Committee and is senior partner of US Policy Metrics.

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Recent Commentary

Analysis and Commentary

The Hidden Costs Of Monetary Easing

by John B. Taylor, Phil Grammvia Wall Street Journal
Tuesday, September 11, 2012

Since mid-September of 2008, the Federal Reserve balance sheet has grown to $2,814 billion from $924 billion as it purchased massive amounts of U.S. Treasurys and mortgage backed securities. To finance those purchases the Fed increased currency and bank reserves (base money).