How the Fed Distorts Company Earnings

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A Primer on Federal Reserve Remittances

1. Introduction

Company income function a extensively watched barometer of American enterprise. As reported within the national accounts — the official financial ledgers the Bureau of Financial Evaluation (BEA) compiles — they seem to measure the earnings of American corporations. However that headline determine comprises one thing that’s not a enterprise in any respect: the web earnings of the Federal Reserve.

The BEA counts the…

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