For those of you interested in economics and who read my blog on our current crisis, I just discovered this tidbit:
In August 2007, the Federal Reserve Bank had assets of $850 billion. The Fed buys assets like U.S. Bonds, and now "asset backed junk" with "fiat" money. That's how they "print" money. As of last week, that figure totaled $2.2 trillion — nearly a threefold increase. Yesterday they announced another $800 billion spending spree. Remember the multiplier effect of cash in a bank?
Will it cause inflation? Yes, eventually, but only when the economy gets started again. Nothing changes.
Wednesday, November 05, 2008
I am pleased to announce that Volume 3 number 3 of the Wilderness House Literary Review has been released on the Web. This edition of www.WHLReview.com includes works of fiction by John Hanson Mitchell as well as short fiction by Denis Emorine, Jessica Keener, Jim Parks and Shannon O'Connor. As well as essays by Charles F. Campbell, Irene Koronas, Ashley Taylor, Doug Holder and Steve Glines and poetry by A. D. Winan, Chris Crittenden, Eric Greinke, Howard Good, Howard LeeKilby, Jackie Biederman, John Hildebidle, John Thomas Clark, Kathleen Haskard, Lawrence Kessenich, Lo Galluccio, Lyn Lifshin, Michael Amado, Peycho Kane, Raymond Diandrea, Robert K. Johnson, Shannon O'Connor, Sherry O'Keefe, and Susan Tepper.