Quantitative Easing – Folly or Method?
While the failure of fiscal policy is widely recognized, monetary
policy still enjoys credibility. Yet monetary policy is like shooting
in a dark room. Monetary policy suffers from a profound pretense of
knowledge. When central banks are not able to fulfill their claim and
promote economic growth, employment and price stability, the question
comes up what their real mission is. The Federal Reserve System was
founded in with the intention to safeguard the big players of the
financial system. Now we are fully back at this paradigm. The main
purpose of quantitative easing is not to promote prosperity in the first place but to help the banking sector to stay afloat.
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