Postcards: Printing "Growth," The Week Ahead and "Norm MacDonald Speak"

What did the Federal Reserve's $6.5 trillion balance sheet expansion deliver us? David Stockman showed not much. Plus, let's talk about the week ahead.

Dear Fellow Expat:

Greetings from the couch.

My daughter’s watching some cartoon about narwals, and I must say that depressing financial charts are somewhat more enjoyable. The songs are repetitive, insane, and nonsensical. But as they say, “You’re gonna miss these days…”

I kick off our Sunday conversation with more quantitative research on the damage the Federal Reserve’s actions have done to the middle class while delivering little in growth.

I’ve harped about the state of the economy for a year—the reason: Two figures.

We’re borrowing 7% of GDP… money on which we’ll need to pay 5% interest.

And we’re delivering… at best 3% in GDP growth.

So you’re borrowing every $2.33 to deliver $1.00 in growth.

That’s insane.

But David Stockman, reprinted at Brownstone Research, showcased the real tragedy of the Fed’s debt monetization since the Great Financial Crisis. Over 16 years, the U.S. Federal Reserve pumped $6.5 trillion into its balance sheet, massively benefiting hedge funds and financial i…