To understand money supply growth, it is essential to distinguish between reserve creation and deposit creation. Garrett argues that referring to the Fed’s operations as 'money printing' is not merely ...

Large technology companies generate lots of revenue and cash flow. Most return some of their massive cash flows to shareholders via dividends and repurchases. Many also have large and growing cash ...

Which means governments can print or they can spend, but they can’t do both simply because production buys goods, services, and labor, not printed money. Markets are wise.

I recently penned an article on “Money Supply Growth,” which elicited a very thoughtful response from Garrett Baldwin via Substack. He argued that labeling Federal Reserve operations as “money ...