Federal Reserve chairman Ben Bernanke is hinting at a third round of quantitative easing.
But Dallas Federal Reserve Bank president Richard Fisher said today:
I firmly believe that the Federal Reserve has already pressed the limits of monetary policy. So-called QE2, to my way of thinking, was of doubtful efficacy, which is why I did not support it to begin with. But even if you believe the costs of QE2 were worth its purported benefits, you would be hard pressed to now say that still more liquidity, or more fuel, is called for given the more than $1.5 trillion in excess bank reserves and the substantial liquid holdings above the normal working capital needs of corporate businesses.
Indeed, Bernanke knew in 1988 that quantitative easing doesn’t work:
Dec. 21, 2010 – Historian and Best-Selling Author, Tom Woods, joins Judge Andrew Napolitano on Freedom Watch to discuss Ben Bernanke’s policies, the history of central banking in America, political partisan interests, and the future of the Federal Reserve.
We the people need to stand up take action stop procrastinating saying youa re going to do something and then not do it.. We need to elect President Ron Paul 2012 he is our only hope for survival in America and as Americans we need to believe in freedom not to let TSA bullies or any other kind of system push us around..
Walter LaFeber is a pretty good historian of American foreign policy of the late nineteenth and early twentieth centuries. The other day I was flipping through The American Search for Opportunity, 1865-1913, the volume he contributed to The Cambridge History of American Foreign Relations. In setting the stage for explaining American foreign policy in the late nineteenth century he paints a picture of life on the domestic front. That picture turns out to be more like a cartoon. Thanks to the Internet, I can rectify this outrage immediately.
Beware Unhampered Capitalism
The market economy has repeatedly tried to cut the most politically connected men of wealth down to size, but my critic’s own political hero, Barack Obama, has supported bailing them out. That is not the free market’s fault.