Without transparent accounting practices and proper risk management, the Federal Reserve’s current financial losses—unprecedented in scale—and the questionable accounting practices it uses to downplay their impact threaten public trust, economic stability, and the integrity of fiscal policy.
The Federal Reserve is experiencing something new in its history: sustained and sizable operating losses. These losses—currently running at more than $100 billion a year on an annualized basis—stem largely from the sharp rise in short-term interest rates, which has increased the interest the Fed pays on bank reserves while the income from its long-term securities portfolio remains comparatively low.
Phillip Alvelda, a former DARPA program manager, reveals how a fracturing federal system has opened the door for bold state leadership. Will blue states rise to build a healthier, more just future?
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Deutschlandfunk
The best ideas may never make it to the patent office.
How inflationary inertia, driven by distributional conflict, disrupts the economy’s path to an effective demand equilibrium.
Inflation persists not just because of spending or interest rates, but because underlying social conflicts over income, expectations, and power remain unresolved.
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How do we prepare for a world of constant shocks—climate disasters, financial crises, pandemics, conflict, and inequality?
Altmetric
Fred Ledley's INET-funded research, which was published as an INET working paper, documents that the US Government is the first investor in practically all crucial biopharmaceutical innovation.
