The Fed can’t increase so-called “money supply.” If what you just read weren’t true, rest assured a never independent Fed would have all manner of programs to place so-called “money supply” in the poorest parts of the U.S. It would vanish in seconds. Money is ruthless, and it only circulates where there’s production.
Commentary like this is required repeatedly exactly because economists and their political mates continue to ascribe central planning-like powers to the Federal Reserve. Take a recent opinion piece co-authored by former Texas senator Phil Gramm with former Congressman Jeb Hensarling.
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