Yes, I signed up. Unless you are an accountant or a banker, you would probably rather go to the dentist than listen to a speech about the Fed’s balance sheet.

Very readable and very much worth reading. Why is it?

In August of 2007 our balance sheet was around $870 billion, equal to approximately 6 percent of nominal gross domestic product (GDP). Today it is around $6.7 trillion, with a t, which is about 22 percent of GDP…. it is logical to ask: if monetary policy worked when the balance sheet was 6 percent of GDP, why is it, and perhaps needs to be, proportionally so much larger now?