Several months ago we brought you a history of the Federal Reserve’s assets in charts — here we complete the story by presenting the evolution of its liabilities from 1915 to 2012.


As mentioned when we examined the assets side of the Fed’s balance sheet:

…the Fed has degenerated from a by and large passive institution (dealing only in high-quality self-liquidating commercial paper and gold) to an active pursuant of junk, an enabler of wars, a ‘benevolent’ combatant of the depressions of its own creation, a central planner of employment & prices and of course a forgiving friend to inconvenient market follies.

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