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Global economic policy: Monetary illusions
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It is too much to expect central bankers to solve the US economy's problems, especially with rates nearly zero, and no agreement between the political parties before mid-term elections. The Federal Reserve by itself cannot fix the economy's problems, with the US economy facing prospects of deflation in 2011; and local governments cutting back as they face revenue shortfalls. Deficit concerns have led to inaction on further stimulus or help to local governments, and the Bush tax cuts are expiring shortly. In 2011 austerity cuts will be the singular theme in the western world, and these cuts are of a magnitude not seen in 40 years. In this situation there is only so much the US Fed can do.
A delicate balancing act for the Federal Reserve to withdraw support that puts a dark cloud over the economy..
10/01/2009
Incrementally withdrawing support where and when possible will be a tough act for the Fed, after the Fed has committed $1 trillion so far as support to debt securtization markets that breathe life into the USA economy. Shiller says these markets are dead, we are stuck, and no one knows what will happen if they are hobbled for corporate real estate, mortgages, auto loans.
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Quantitiative easing, the Federal Reserve creating money to buy government bonds, is creating surplus dollars and pounds.
09/24/2009
QE is likely to continue as the central banks of the USA and U.K. have no easy exit strategies.
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The Weak-Dollar Threat to Prosperity
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The Banking System Is Still Broken
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What Happens If the Dollar Crashes
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Economist 10/26/2009
A Federal Reserve sponsored bull market in the U.S.
09/24/2009
With quantitative easing (QE), the Fed creating money to buy Treasury bonds at a fast pace, and with inflation "exceptionally low" in the Fed's words, there is considerable liquidity to support the surge in stocks. But this could change quickly. Investors would benefit from caution.
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Wall Street Journal 05/29/2013
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New York Times 02/15/2014
Allan Meltzer's action plan for the economy includes reversing the excessive monetary easing starting now in October 2009 so that it can be done gradually and not hurt the economy through sudden contraction later on.
10/01/2009
Allan Melzer was co-founder an co-chairman of the Shadow Open Market Committee for over two decades, advisor to Presidents Kennedy and Reagan, and one of the foremost experts on the Federal Reserve System. He calls for the U.S. Federal Reserve to adopt an early exit strategy from loose monetary policies.
Grouped Articles
Once Again, the Fed Shies Away From the Exit Door
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Is the U.S. Economy Turning Japanese?
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Jobs Now, Deficit Reduction Later
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U.S. Federal Reserve's policy and actions in 2010-2013
08/27/2010
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Fed Officials Try to Set the Market at Ease
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Bernanke Plays Down Link Between Jobless Rate, Fed Moves
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In Surprise, Fed Decides to Maintain Pace of Stimulus
New York Times 09/18/2013
Economists See Nominee as Slightly More Dovish Bernanke
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Yellenâs Path From Liberal Theorist to Fed Voice for Jobs
New York Times 10/09/2013
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