William McChesney Martin Jr. Chairman of the Federal Reserve Board, 1951–70 The trouble is that this is no ordinary recession, and a lot of people have not had any punch yet. Kenneth Rogoff June 6, 2013 Developed countries have no reason to default. They can always print money. George Soros April 9, 2013 ■ The Inflation-Deflation Paradox Federal Reserve policy is at a crossroads facing unpleasant paths in all directions. Monetary policy around the world has reached the point where the contradictions embedded in years of market manipulation have left no choices that do not involve either contraction or catastrophic risk. Further monetary easing may precipitate a loss of confidence in money; policy tightening will restart the collapse in asset values that began in 2007. Only structural change in the U.S. economy, something outside the Fed’s purview, can break this stalemate. This much was clear by 2013, as weary economists and policy makers waited for the robust recovery they had eagerly anticipated since the stock market rally started in 2009.
What do You think about The Death Of Money (2014)?
