“Whether in Republican or Democratic administrations, the Washington policy consensus for a decade has been “print and spend.” When that doesn’t work, the Washington prescription is to double the dose—more monetary easing and dollar devaluation, and always more government spending. The Fed in particular has become accustomed to subsidizing federal borrowing by holding interest rates too low, which distorts capital flows and fosters asset bubbles.” Read more.

“How the Fed Is Holding Back Recovery”
David Malpass
Wall Street Journal, October 19, 2010.

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