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发帖数: 38600 | 1 The long-term consequences of global QE are likely to permanently impair
living standards for generations to come while creating a false illusion of
reviving prosperity.
http://guggenheimpartners.com/perspectives/media/the-monetary-i
The Monetary Illusion
As economic growth returns again to Europe and Japan, the prospect of a
synchronous global expansion is taking hold. Or, then again, maybe not. In a
recent research piece published by Bank of America Merrill Lynch, global
economic growth, as measured in nominal U.S. dollars, is projected to
decline in 2015 for the first time since 2009, the height of the financial
crisis.
In fact, the prospect of improvement in economic growth is largely a
monetary illusion. No one needs to explain how policymakers have made
painfully little progress on the structural reforms necessary to increase
global productive capacity and stimulate employment and demand. Lacking the
political will necessary to address the issues, central bankers have been
left to paper over the global malaise with reams of fiat currency.
With politicians lacking the willingness or ability to implement labor and
tax reforms, monetary policy has perversely morphed into a new orthodoxy
where even central bankers admittedly view it as their job to use their
balance sheets as a tool to implement fiscal policy.
One argument is that if central banks were not created to execute fiscal
policy, then why require them to maintain any capital at all? Capital is
that which is held in reserve to absorb losses. If losses are to be
anticipated, then a reasonable inference is that a certain expectation of
risk must exist. Therefore, central banks must be expected to take on some
risk for policy purposes, which implies a function beyond the creation of a
monetary base to maintain price stability.
Global Nominal GDP Growth, as Measured in Dollars, Is Projected to Decline
With a surging U.S. dollar and growth remaining sluggish in much of the
world, Bank of America Merrill Lynch forecasts that world output measured in
dollars could fall in 2015 for the first time since the financial crisis.
Over the past 34 years, this has happened just five times. | k*******g
发帖数: 7321 | 2 美帝主要是忽略了：老是印钱最后没credit的后果 |
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