talk at Columbia:

Bob Mundell and Joe Stiglitz, with Paul Volcker sitting in the middle

an interesting mix…I always like Mundell's bluntness…

source: FT

(click to enlarge)

Fed balance sheet has "exploded" literally, adding another $300 billion from my last update.

Two comments: 
1) The Fed either kill lending freeze very quickly by this massive injection of liquidity;
or
2) Fed got the wrong diagnosis and used wrong tools, and it won't save the economy and US dollar are going to have big trouble down the road.