The economist who coined the term “quantitative easing,” Richard Werner, now says central banks are too powerful and irresponsible and that they’re the ones actually causing inflation. Of course, some of us already knew that, but it’s nice to see the professionals finally concur.
This hilarious explanation of quantitative easing by two straight-talking cartoon-characters questions the wisdom of relentless money supply expansion. It has been viewed on YouTube more than 6 million times.
“Any system which gives so much power and so much discretion to a few men, [so] that mistakes — excusable or not — can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic — this is the key political argument against an independent central bank…To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers.”
–Wikipedia: iQuantitative easing
–Rolling Stone: iQuantitative Easing–The Hidden Government Subsidy for Banks
–Bloomberg View: The Secret Goldman Sachs Tapes
–Reason: How Quantitative Easing Helps the Rich and Soaks the Rest of Us
–Forbes: The Federal Reserve Is Making A Big Mistake
–Time: This Former Fed Official Thinks Quantitative Easing Has Been a Disaster