Garrett argues that referring to the Fed’s operations as 'money printing' is not merely rhetorical but structurally accurate.

The key function of banks in the real world is endogenously creating (inside) money. But they do so facing solvency, liquidity and maturity risks and being subject to regulatory and demand constraints ...

The first flaw in the “run to hard assets” narrative is its treatment of money supply growth. The dollar is still used in 88% of global foreign exchange transactions, 58% of international exchange ...

The financial cycle refers to a co-movement between asset prices and bank lending. While asset bubbles can definitely emerge ...