Very Dodgy Numbers from the Fed...

Economics Economics Questions
1

Excess Reserves of Depository Institutions

Series ID:
EXCRESNS

Source:
Board of Governors of the Federal Reserve System

Release:
H.3 Aggregate Reserves of Depository Institutions and the Monetary Base

Seasonal Adjustment:
Not Seasonally Adjusted

Frequency:
Monthly

Units:
Billions of Dollars

Date Range:
1929-01-01 to 2008-11-01

DATE VALUE
1929-01-01 0.054
1929-02-01 0.045
1929-03-01 0.041
1929-04-01 0.036
1929-05-01 0.033
1929-06-01 0.039
1929-07-01 0.043
1929-08-01 0.035
1929-09-01 0.035
1929-10-01 0.043
1929-11-01 0.065
1929-12-01 0.048
1930-01-01 0.044
1930-02-01 0.052
1930-03-01 0.056
1930-04-01 0.043
1930-05-01 0.045
1930-06-01 0.054
1930-07-01 0.074
1930-08-01 0.052
1930-09-01 0.059
1930-10-01 0.060
1930-11-01 0.052
1930-12-01 0.073
1931-01-01 0.104
1931-02-01 0.056
1931-03-01 0.067
1931-04-01 0.056
1931-05-01 0.067
1931-06-01 0.129
1931-07-01 0.124
1931-08-01 0.100
1931-09-01 0.121
1931-10-01 0.130
1931-11-01 0.057
1931-12-01 0.059
1932-01-01 0.035
1932-02-01 0.043
1932-03-01 0.059
1932-04-01 0.152
1932-05-01 0.277
1932-06-01 0.235
1932-07-01 0.205
1932-08-01 0.270
1932-09-01 0.345
1932-10-01 0.435
1932-11-01 0.482
1932-12-01 0.526
1933-01-01 0.584
1933-02-01 0.417
1933-03-01 1.914
1933-04-01 0.425
1933-05-01 0.375
1933-06-01 0.414
1933-07-01 0.483
1933-08-01 0.610
1933-09-01 0.712
1933-10-01 0.792
1933-11-01 0.824
1933-12-01 0.794
1934-01-01 0.889
1934-02-01 0.914
1934-03-01 1.391
1934-04-01 1.553
1934-05-01 1.624
1934-06-01 1.685
1934-07-01 1.789
1934-08-01 1.884
1934-09-01 1.755
1934-10-01 1.730
1934-11-01 1.834
1934-12-01 1.747
1935-01-01 2.035
1935-02-01 2.236
1935-03-01 2.064
1935-04-01 2.025
1935-05-01 2.297
1935-06-01 2.438
1935-07-01 2.385
1935-08-01 2.636
1935-09-01 2.628
1935-10-01 2.820
1935-11-01 3.061
1935-12-01 2.983
1936-01-01 3.033
1936-02-01 3.038
1936-03-01 2.653
1936-04-01 2.510
1936-05-01 2.800
1936-06-01 2.593
1936-07-01 2.908
1936-08-01 2.458
1936-09-01 1.852
1936-10-01 2.043
1936-11-01 2.219
1936-12-01 2.046
1937-01-01 2.094
1937-02-01 2.152
1937-03-01 1.371
1937-04-01 1.553
1937-05-01 0.927
1937-06-01 0.876
1937-07-01 0.876
1937-08-01 0.750
1937-09-01 0.900
1937-10-01 1.043
1937-11-01 1.104
1937-12-01 1.071
1938-01-01 1.354
1938-02-01 1.406
1938-03-01 1.524
1938-04-01 2.071
1938-05-01 2.525
1938-06-01 2.762
1938-07-01 3.026
1938-08-01 2.955
1938-09-01 2.920
1938-10-01 3.143
1938-11-01 3.276
1938-12-01 3.225
1939-01-01 3.484
1939-02-01 3.373
1939-03-01 3.433
1939-04-01 3.926
1939-05-01 4.212
1939-06-01 4.245
1939-07-01 4.402
1939-08-01 4.607
1939-09-01 5.197
1939-10-01 5.490
1939-11-01 5.260
1939-12-01 5.011
1940-01-01 5.464
1940-02-01 5.626
1940-03-01 5.734
1940-04-01 6.003
1940-05-01 6.288
1940-06-01 6.696
1940-07-01 6.752
1940-08-01 6.407
1940-09-01 6.581
1940-10-01 6.865
1940-11-01 6.831
1940-12-01 6.646
1941-01-01 6.832
1941-02-01 6.422
1941-03-01 6.304
1941-04-01 5.883
1941-05-01 5.831
1941-06-01 5.351
1941-07-01 5.193
1941-08-01 5.017
1941-09-01 5.116
1941-10-01 5.001
1941-11-01 3.611
1941-12-01 3.390
1942-01-01 3.446
1942-02-01 3.309
1942-03-01 3.147
1942-04-01 2.951
1942-05-01 2.667
1942-06-01 2.704
1942-07-01 2.237
1942-08-01 2.248
1942-09-01 2.300
1942-10-01 2.330
1942-11-01 2.362
1942-12-01 2.376
1943-01-01 2.132
1943-02-01 1.712
1943-03-01 1.884
1943-04-01 1.949
1943-05-01 1.730
1943-06-01 1.461
1943-07-01 1.327
1943-08-01 1.136
1943-09-01 1.417
1943-10-01 1.264
1943-11-01 1.073
1943-12-01 1.048
1944-01-01 1.104
1944-02-01 1.150
1944-03-01 0.978
1944-04-01 0.886
1944-05-01 0.868
1944-06-01 1.081
1944-07-01 1.232
1944-08-01 1.006
1944-09-01 0.983
1944-10-01 0.958
1944-11-01 1.023
1944-12-01 1.284
1945-01-01 1.114
1945-02-01 0.952
1945-03-01 1.010
1945-04-01 0.931
1945-05-01 1.005
1945-06-01 1.339
1945-07-01 1.220
1945-08-01 1.084
1945-09-01 1.063
1945-10-01 1.057
1945-11-01 1.167
1945-12-01 1.491
1946-01-01 1.311
1946-02-01 1.131
1946-03-01 1.031
1946-04-01 1.024
1946-05-01 0.956
1946-06-01 0.943
1946-07-01 0.928
1946-08-01 0.891
1946-09-01 0.885
1946-10-01 0.863
1946-11-01 0.854
1946-12-01 0.900
1947-01-01 0.850
1947-02-01 0.805
1947-03-01 0.871
1947-04-01 0.833
1947-05-01 0.784
1947-06-01 0.785
1947-07-01 0.781
1947-08-01 0.800
1947-09-01 0.931
1947-10-01 0.954
1947-11-01 0.850
1947-12-01 0.986
1948-01-01 1.081
1948-02-01 0.804
1948-03-01 0.822
1948-04-01 0.811
1948-05-01 0.743
1948-06-01 0.852
1948-07-01 0.817
1948-08-01 0.837
1948-09-01 0.884
1948-10-01 0.817
1948-11-01 0.773
1948-12-01 0.797
1949-01-01 0.838
1949-02-01 0.710
1949-03-01 0.694
1949-04-01 0.706
1949-05-01 0.777
1949-06-01 0.758
1949-07-01 1.019
1949-08-01 0.955
1949-09-01 0.922
1949-10-01 0.862
1949-11-01 0.811
1949-12-01 0.803
1950-01-01 0.935
1950-02-01 0.737
1950-03-01 0.783
1950-04-01 0.694
1950-05-01 0.704
1950-06-01 0.768
1950-07-01 0.746
1950-08-01 0.647
1950-09-01 0.765
1950-10-01 0.842
1950-11-01 0.731
1950-12-01 1.027
1951-01-01 0.825
1951-02-01 0.628
1951-03-01 0.713
1951-04-01 0.833
1951-05-01 0.590
1951-06-01 0.834
1951-07-01 0.756
1951-08-01 0.704
1951-09-01 0.721
1951-10-01 0.916
1951-11-01 0.729
1951-12-01 0.826
1952-01-01 0.933
1952-02-01 0.695
1952-03-01 0.885
1952-04-01 0.650
1952-05-01 0.628
1952-06-01 0.709
1952-07-01 0.609
1952-08-01 0.649
1952-09-01 0.778
1952-10-01 0.648
1952-11-01 0.657
1952-12-01 0.723
1953-01-01 0.707
1953-02-01 0.638
1953-03-01 0.588
1953-04-01 0.535
1953-05-01 0.591
1953-06-01 0.788
1953-07-01 0.784
1953-08-01 0.644
1953-09-01 0.718
1953-10-01 0.752
1953-11-01 0.684
1953-12-01 0.693
1954-01-01 0.936
1954-02-01 0.632
1954-03-01 0.692
1954-04-01 0.765
1954-05-01 0.716
1954-06-01 0.857
1954-07-01 0.835
1954-08-01 0.840
1954-09-01 0.775
1954-10-01 0.720
1954-11-01 0.814
1954-12-01 0.703
1955-01-01 0.682
1955-02-01 0.624
1955-03-01 0.585
1955-04-01 0.590
1955-05-01 0.580
1955-06-01 0.569
1955-07-01 0.619
1955-08-01 0.576
1955-09-01 0.563
1955-10-01 0.525
1955-11-01 0.524
1955-12-01 0.594
1956-01-01 0.552
1956-02-01 0.532
1956-03-01 0.584
1956-04-01 0.527
1956-05-01 0.467
1956-06-01 0.574
1956-07-01 0.599
1956-08-01 0.559
1956-09-01 0.578
1956-10-01 0.520
1956-11-01 0.590
1956-12-01 0.652
1957-01-01 0.522
1957-02-01 0.514
1957-03-01 0.518
1957-04-01 0.507
1957-05-01 0.465
1957-06-01 0.497
1957-07-01 0.534
1957-08-01 0.534
1957-09-01 0.522
1957-10-01 0.467
1957-11-01 0.511
1957-12-01 0.577
1958-01-01 0.573
1958-02-01 0.566
1958-03-01 0.633
1958-04-01 0.622
1958-05-01 0.666
1958-06-01 0.626
1958-07-01 0.656
1958-08-01 0.634
1958-09-01 0.571
1958-10-01 0.521
1958-11-01 0.506
1958-12-01 0.516
1959-01-01 0.498
1959-02-01 0.454
1959-03-01 0.460
1959-04-01 0.431
1959-05-01 0.421
1959-06-01 0.407
1959-07-01 0.416
1959-08-01 0.448
1959-09-01 0.443
1959-10-01 0.441
1959-11-01 0.444
1959-12-01 0.506
1960-01-01 0.514
1960-02-01 0.454
1960-03-01 0.423
1960-04-01 0.426
1960-05-01 0.445
1960-06-01 0.480
1960-07-01 0.501
1960-08-01 0.542
1960-09-01 0.627
1960-10-01 0.662
1960-11-01 0.743
1960-12-01 0.743
1961-01-01 0.772
1961-02-01 0.649
1961-03-01 0.546
1961-04-01 0.616
1961-05-01 0.556
1961-06-01 0.590
1961-07-01 0.616
1961-08-01 0.579
1961-09-01 0.580
1961-10-01 0.532
1961-11-01 0.591
1961-12-01 0.584
1962-01-01 0.623
1962-02-01 0.502
1962-03-01 0.472
1962-04-01 0.492
1962-05-01 0.517
1962-06-01 0.473
1962-07-01 0.534
1962-08-01 0.530
1962-09-01 0.490
1962-10-01 0.477
1962-11-01 0.557
1962-12-01 0.572
1963-01-01 0.505
1963-02-01 0.461
1963-03-01 0.434
1963-04-01 0.457
1963-05-01 0.430
1963-06-01 0.417
1963-07-01 0.454
1963-08-01 0.445
1963-09-01 0.428
1963-10-01 0.397
1963-11-01 0.441
1963-12-01 0.490
1964-01-01 0.440
1964-02-01 0.397
1964-03-01 0.386
1964-04-01 0.352
1964-05-01 0.354
1964-06-01 0.375
1964-07-01 0.376
1964-08-01 0.421
1964-09-01 0.431
1964-10-01 0.398
1964-11-01 0.408
1964-12-01 0.406
1965-01-01 0.415
1965-02-01 0.412
1965-03-01 0.366
1965-04-01 0.341
1965-05-01 0.334
1965-06-01 0.362
1965-07-01 0.353
1965-08-01 0.396
1965-09-01 0.410
1965-10-01 0.358
1965-11-01 0.352
1965-12-01 0.423
1966-01-01 0.379
1966-02-01 0.347
1966-03-01 0.342
1966-04-01 0.355
1966-05-01 0.341
1966-06-01 0.356
1966-07-01 0.378
1966-08-01 0.367
1966-09-01 0.371
1966-10-01 0.333
1966-11-01 0.385
1966-12-01 0.339
1967-01-01 0.403
1967-02-01 0.369
1967-03-01 0.414
1967-04-01 0.350
1967-05-01 0.365
1967-06-01 0.352
1967-07-01 0.418
1967-08-01 0.365
1967-09-01 0.342
1967-10-01 0.335
1967-11-01 0.358
1967-12-01 0.375
1968-01-01 0.387
1968-02-01 0.386
1968-03-01 0.337
1968-04-01 0.335
1968-05-01 0.360
1968-06-01 0.328
1968-07-01 0.351
1968-08-01 0.329
1968-09-01 0.361
1968-10-01 0.245
1968-11-01 0.308
1968-12-01 0.426
1969-01-01 0.246
1969-02-01 0.254
1969-03-01 0.219
1969-04-01 0.167
1969-05-01 0.255
1969-06-01 0.304
1969-07-01 0.225
1969-08-01 0.237
1969-09-01 0.274
1969-10-01 0.163
1969-11-01 0.229
1969-12-01 0.286
1970-01-01 0.174
1970-02-01 0.208
1970-03-01 0.163
1970-04-01 0.152
1970-05-01 0.157
1970-06-01 0.190
1970-07-01 0.166
1970-08-01 0.174
1970-09-01 0.244
1970-10-01 0.205
1970-11-01 0.234
1970-12-01 0.249
1971-01-01 0.234
1971-02-01 0.254
1971-03-01 0.195
1971-04-01 0.168
1971-05-01 0.219
1971-06-01 0.201
1971-07-01 0.184
1971-08-01 0.196
1971-09-01 0.189
1971-10-01 0.163
1971-11-01 0.237
1971-12-01 0.182
1972-01-01 0.206
1972-02-01 0.152
1972-03-01 0.190
1972-04-01 0.156
1972-05-01 0.139
1972-06-01 0.203
1972-07-01 0.193
1972-08-01 0.188
1972-09-01 0.212
1972-10-01 0.211
1972-11-01 0.354
1972-12-01 0.284
1973-01-01 0.258
1973-02-01 0.197
1973-03-01 0.209
1973-04-01 0.223
1973-05-01 0.138
1973-06-01 0.217
1973-07-01 0.283
1973-08-01 0.172
1973-09-01 0.231
1973-10-01 0.252
1973-11-01 0.225
1973-12-01 0.304
1974-01-01 0.162
1974-02-01 0.184
1974-03-01 0.134
1974-04-01 0.182
1974-05-01 0.160
1974-06-01 0.198
1974-07-01 0.162
1974-08-01 0.188
1974-09-01 0.181
1974-10-01 0.120
1974-11-01 0.205
1974-12-01 0.258
1975-01-01 0.147
1975-02-01 0.194
1975-03-01 0.200
1975-04-01 0.158
1975-05-01 0.155
1975-06-01 0.201
1975-07-01 0.188
1975-08-01 0.195
1975-09-01 0.191
1975-10-01 0.207
1975-11-01 0.283
1975-12-01 0.266
1976-01-01 0.240
1976-02-01 0.219
1976-03-01 0.223
1976-04-01 0.155
1976-05-01 0.210
1976-06-01 0.214
1976-07-01 0.234
1976-08-01 0.207
1976-09-01 0.201
1976-10-01 0.219
1976-11-01 0.257
1976-12-01 0.274
1977-01-01 0.266
1977-02-01 0.198
1977-03-01 0.215
1977-04-01 0.192
1977-05-01 0.208
1977-06-01 0.147
1977-07-01 0.275
1977-08-01 0.200
1977-09-01 0.209
1977-10-01 0.210
1977-11-01 0.251
1977-12-01 0.190
1978-01-01 0.267
1978-02-01 0.241
1978-03-01 0.199
1978-04-01 0.148
1978-05-01 0.219
1978-06-01 0.178
1978-07-01 0.197
1978-08-01 0.168
1978-09-01 0.193
1978-10-01 0.162
1978-11-01 0.222
1978-12-01 0.232
1979-01-01 0.214
1979-02-01 0.209
1979-03-01 0.158
1979-04-01 0.176
1979-05-01 0.141
1979-06-01 0.221
1979-07-01 0.211
1979-08-01 0.222
1979-09-01 0.191
1979-10-01 0.272
1979-11-01 0.245
1979-12-01 0.442
1980-01-01 0.251
1980-02-01 0.211
1980-03-01 0.186
1980-04-01 0.197
1980-05-01 0.178
1980-06-01 0.203
1980-07-01 0.284
1980-08-01 0.302
1980-09-01 0.256
1980-10-01 0.206
1980-11-01 0.521
1980-12-01 0.514
1981-01-01 0.374
1981-02-01 0.350
1981-03-01 0.280
1981-04-01 0.169
1981-05-01 0.257
1981-06-01 0.338
1981-07-01 0.340
1981-08-01 0.292
1981-09-01 0.414
1981-10-01 0.278
1981-11-01 0.344
1981-12-01 0.319
1982-01-01 0.418
1982-02-01 0.304
1982-03-01 0.361
1982-04-01 0.273
1982-05-01 0.359
1982-06-01 0.308
1982-07-01 0.314
1982-08-01 0.312
1982-09-01 0.384
1982-10-01 0.404
1982-11-01 0.402
1982-12-01 0.500
1983-01-01 0.548
1983-02-01 0.435
1983-03-01 0.433
1983-04-01 0.476
1983-05-01 0.449
1983-06-01 0.480
1983-07-01 0.507
1983-08-01 0.446
1983-09-01 0.498
1983-10-01 0.505
1983-11-01 0.529
1983-12-01 0.561
1984-01-01 0.613
1984-02-01 0.906
1984-03-01 0.668
1984-04-01 0.473
1984-05-01 0.569
1984-06-01 0.759
1984-07-01 0.630
1984-08-01 0.680
1984-09-01 0.649
1984-10-01 0.618
1984-11-01 0.698
1984-12-01 0.835
1985-01-01 0.742
1985-02-01 0.850
1985-03-01 0.675
1985-04-01 0.736
1985-05-01 0.753
1985-06-01 0.922
1985-07-01 0.840
1985-08-01 0.834
1985-09-01 0.697
1985-10-01 0.744
1985-11-01 0.918
1985-12-01 1.063
1986-01-01 1.082
1986-02-01 1.014
1986-03-01 0.883
1986-04-01 0.772
1986-05-01 0.878
1986-06-01 0.919
1986-07-01 0.873
1986-08-01 0.740
1986-09-01 0.690
1986-10-01 0.717
1986-11-01 0.901
1986-12-01 1.173
1987-01-01 1.070
1987-02-01 1.193
1987-03-01 0.921
1987-04-01 0.857
1987-05-01 1.067
1987-06-01 1.234
1987-07-01 0.859
1987-08-01 1.051
1987-09-01 0.784
1987-10-01 1.089
1987-11-01 0.940
1987-12-01 1.019
1988-01-01 1.252
1988-02-01 1.138
1988-03-01 0.945
1988-04-01 0.885
1988-05-01 1.047
1988-06-01 0.895
1988-07-01 0.891
1988-08-01 0.970
1988-09-01 1.017
1988-10-01 1.053
1988-11-01 1.174
1988-12-01 1.061
1989-01-01 1.144
1989-02-01 1.154
1989-03-01 0.918
1989-04-01 0.813
1989-05-01 1.042
1989-06-01 0.908
1989-07-01 0.982
1989-08-01 0.892
1989-09-01 0.945
1989-10-01 1.040
1989-11-01 0.948
1989-12-01 0.941
1990-01-01 1.042
1990-02-01 1.000
1990-03-01 0.881
1990-04-01 0.871
1990-05-01 0.954
1990-06-01 0.787
1990-07-01 0.868
1990-08-01 0.876
1990-09-01 0.913
1990-10-01 0.840
1990-11-01 0.928
1990-12-01 1.665
1991-01-01 2.140
1991-02-01 1.804
1991-03-01 1.182
1991-04-01 1.029
1991-05-01 1.035
1991-06-01 0.996
1991-07-01 0.904
1991-08-01 1.085
1991-09-01 0.933
1991-10-01 1.057
1991-11-01 0.893
1991-12-01 0.990
1992-01-01 0.993
1992-02-01 1.045
1992-03-01 1.025
1992-04-01 1.133
1992-05-01 1.004
1992-06-01 0.924
1992-07-01 0.975
1992-08-01 0.939
1992-09-01 1.015
1992-10-01 1.063
1992-11-01 1.043
1992-12-01 1.154
1993-01-01 1.262
1993-02-01 1.093
1993-03-01 1.233
1993-04-01 1.103
1993-05-01 0.999
1993-06-01 0.895
1993-07-01 1.068
1993-08-01 0.952
1993-09-01 1.086
1993-10-01 1.077
1993-11-01 1.120
1993-12-01 1.069
1994-01-01 1.459
1994-02-01 1.149
1994-03-01 0.984
1994-04-01 1.142
1994-05-01 0.869
1994-06-01 1.117
1994-07-01 1.116
1994-08-01 1.010
1994-09-01 1.048
1994-10-01 0.797
1994-11-01 0.996
1994-12-01 1.171
1995-01-01 1.332
1995-02-01 0.970
1995-03-01 0.823
1995-04-01 0.757
1995-05-01 0.873
1995-06-01 0.983
1995-07-01 1.106
1995-08-01 1.006
1995-09-01 0.971
1995-10-01 1.079
1995-11-01 0.946
1995-12-01 1.290
1996-01-01 1.467
1996-02-01 0.861
1996-03-01 1.142
1996-04-01 1.126
1996-05-01 0.911
1996-06-01 1.114
1996-07-01 1.021
1996-08-01 0.961
1996-09-01 1.050
1996-10-01 1.007
1996-11-01 1.055
1996-12-01 1.418
1997-01-01 1.228
1997-02-01 1.035
1997-03-01 1.169
1997-04-01 1.015
1997-05-01 1.283
1997-06-01 1.344
1997-07-01 1.237
1997-08-01 1.260
1997-09-01 1.297
1997-10-01 1.416
1997-11-01 1.668
1997-12-01 1.687
1998-01-01 1.764
1998-02-01 1.535
1998-03-01 1.350
1998-04-01 1.391
1998-05-01 1.290
1998-06-01 1.619
1998-07-01 1.374
1998-08-01 1.532
1998-09-01 1.697
1998-10-01 1.575
1998-11-01 1.611
1998-12-01 1.512
1999-01-01 1.489
1999-02-01 1.194
1999-03-01 1.268
1999-04-01 1.155
1999-05-01 1.221
1999-06-01 1.297
1999-07-01 0.964
1999-08-01 1.161
1999-09-01 1.213
1999-10-01 1.148
1999-11-01 1.328
1999-12-01 1.294
2000-01-01 2.013
2000-02-01 1.112
2000-03-01 1.208
2000-04-01 1.166
2000-05-01 0.969
2000-06-01 1.112
2000-07-01 1.143
2000-08-01 1.053
2000-09-01 1.145
2000-10-01 1.148
2000-11-01 1.203
2000-12-01 1.325
2001-01-01 1.263
2001-02-01 1.345
2001-03-01 1.250
2001-04-01 1.257
2001-05-01 1.019
2001-06-01 1.249
2001-07-01 1.401
2001-08-01 1.203
2001-09-01 19.015
2001-10-01 1.326
2001-11-01 1.439
2001-12-01 1.643
2002-01-01 1.405
2002-02-01 1.372
2002-03-01 1.402
2002-04-01 1.205
2002-05-01 1.259
2002-06-01 1.236
2002-07-01 1.376
2002-08-01 1.607
2002-09-01 1.484
2002-10-01 1.533
2002-11-01 1.636
2002-12-01 2.008
2003-01-01 1.708
2003-02-01 1.965
2003-03-01 1.629
2003-04-01 1.539
2003-05-01 1.617
2003-06-01 2.040
2003-07-01 1.934
2003-08-01 3.764
2003-09-01 1.509
2003-10-01 1.467
2003-11-01 1.483
2003-12-01 1.047
2004-01-01 0.888
2004-02-01 1.191
2004-03-01 1.808
2004-04-01 1.805
2004-05-01 1.684
2004-06-01 1.932
2004-07-01 1.722
2004-08-01 1.582
2004-09-01 1.654
2004-10-01 1.756
2004-11-01 1.785
2004-12-01 1.909
2005-01-01 1.739
2005-02-01 1.490
2005-03-01 1.782
2005-04-01 1.665
2005-05-01 1.526
2005-06-01 1.739
2005-07-01 1.792
2005-08-01 1.620
2005-09-01 1.995
2005-10-01 1.884
2005-11-01 1.781
2005-12-01 1.900
2006-01-01 1.576
2006-02-01 1.550
2006-03-01 1.507
2006-04-01 1.825
2006-05-01 1.799
2006-06-01 1.783
2006-07-01 1.554
2006-08-01 1.520
2006-09-01 1.762
2006-10-01 1.695
2006-11-01 1.689
2006-12-01 1.863
2007-01-01 1.545
2007-02-01 1.453
2007-03-01 1.617
2007-04-01 1.587
2007-05-01 1.453
2007-06-01 1.751
2007-07-01 1.638
2007-08-01 4.826
2007-09-01 1.733
2007-10-01 1.459
2007-11-01 1.696
2007-12-01 1.770
2008-01-01 1.640
2008-02-01 1.724
2008-03-01 2.978
2008-04-01 1.844
2008-05-01 2.011
2008-06-01 2.272
2008-07-01 1.977
2008-08-01 1.988
2008-09-01 60.051
2008-10-01 267.905
2008-11-01 559.051

Am I right in saying that the banks stocked up on money before 9/11? That’s how it seems looking at the data, maybe I’m reading it wrong, but it’s really the entries for the last three months I wished to ask about. Obviously the numbers are significant, but do they spell the overt and absolute collapse of the dollar before Valentines Day as I’m expecting? I can’t see how the dollar can make Spring.

If the retail industry feeds consumption and is dependant on a profitable Christmas and the dollar on consumption, does not the dollar depend on a profitable Christmas?

2

On the 9/11 figure, it may represent an average for the whole month of September. I’ve always though the Fed pumped a ton of reserves in after 9/11, then sucked them out again.

The last figures concern me, as well as the huge rise in the monetary base (its nearly doubled in the past year). However, this doesn’t mean inflation is around the corner because the multiplier is so low (its basically 1), meaning the overall money supply hasn’t increased very much, if at all. If inter-bank leverage starts to increase and the multiplier gets larger, the money supply will increase and inflation will result. If the multiplier reaches the same level it was a few years ago and all those reserves are still in the system, the value of the dollar will be cut in half.

From what I’ve read of free banking theory, the Fed is doing more or less what they should be if they were trying to emulate a free banking system (which isn’t completely possible, of course, but they can try): they are responding to an increasing demand for money by supplying more money. When leverage starts to increase again, a free banking system supposedly pulls out reserves (as the demand to hold them drops) and more or less keeps the quantity of money constant.

Unfortunately, the Fed is also tasked to maintain “full employment”, which basically means they are supposed to smooth out business cycles. Since we all know there is no way to avoid a bad recession (for reasons of capital heterogeneity if nothing else), they may exceed the demand for reserves, and not suck enough of them out again when leverage starts to increase (all in the name of an economic stimulus to increase employment).

In other words, I think the dollar could see some serious inflation, but it probably won’t be until the financial sector re-leverages itself, which might take a while (especially given how uncertain things are in the politics of finance). It won’t hit all at once, and even 100% spread over a few years probably won’t collapse the dollar. Remember, most nations are actually worse off than us in this crisis.

Things will be worse if the Fed starts to monetize debt in order to pay for congress’s and the treasury’s recent spending spree.