In light of the recent announcement of the Swiss National Bank abandoning its peg to the euro, I thought people should realize just how much the SNB had inflated. The following chart compares the SNB “monetary base” (you can think of it as its balance sheet, close enough) with that of the Fed. They are both indexed to 100 at the start of the graph:
As the chart shows, by mid-2011 the SNB had expanded more (percentage-wise) than the Fed, and it’s never looked back. Currently, the SNB’s base is eight times what it was in late 2007.
One last thing: Keynesians around the world denounced the SNB for throwing in the towel, showing an insufficient willingness to inflate in order to promote prosperity.