How to shrink the Fed’s $7trn balance-sheet
IMAGINE A CITY that, after years of drought, floods a river valley and turns it into a vast reservoir. In the decade that follows, houses spread across once-barren hillsides, factories rise where water now flows freely and farmers trade their wells for irrigation canals. Soon, the city is built around abundant water. Then comes a new mayor—an irritable NIMBY who regards the whole expanse as an eyesore. What is the mayor to do?
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