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QE Inventor: It’s EASY to Create a Full-Blown Recovery, But Central Banks Chose to Make Banksters Rich Instead ...
Richard Werner (economics professor at University of Southampton) is the inventor of quantitative easing (QE).
Werner previously said that QE has failed to help the economy. (Former long-time Fed chair Alan Greenspan agrees. Numerous academic studies confirm this. And see this.)
But Werner is now taking off the gloves …
He said recently:
- It’s easy for central banks to take steps which would quickly create “full-blown recovery” for the economy
- But the central bankers are instead choosing to act in a way which creates massive profits for the big banks, instead of stabilizing the economy. Werner blames the revolving door between central bankers and private bankers
- The central banks have twisted the whole concept of easing … pretending that they’re trying to help the economy, when they’re doing something else entirely
- Credit should be extended to the productive economy – businesses which create goods and services – and not to financial speculators or high levels of consumer debt. Extending credit to small businesses former creates prosperity; lending to financial speculators only leads to economic instability and soaring inequality; and when too high a percentage of lending goes to luxury consumer consumption, it’s bad for the economy
- Banks create money and credit out of thin air when they make loans (background)
- It’s a myth that interest rates drive the level of economic activity. The data shows that rates lag the economy
Indeed, economists also note that QE helps the rich … but hurts the little guy. QE is one of the main causes of inequality (and see this and this). And economists now admit that runaway inequality cripples the economy. So QE indirectly hurts the economy by fueling runaway inequality.
A high-level Federal Reserve official says QE is “the greatest backdoor Wall Street bailout of all time”. And the “Godfather” of Japan’s monetary policy admits that it “is a Ponzi game”.
And – as counter-intuitive as it sounds – QE actually hurts the economy and leads to deflation in the long-run.
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I can't wait to see that story on MSNBC.
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The daily Hillary onslaught, until she gives up running.
Its amazing what 3.1 BILLION dollars of someone elses money (USAID) can buy ;-)
MMMmmmm so right. I love the photo in this article. (Haiti is open for business and Hilary standing grinning.)... Yup just can't make this stuff up. What astounds is the blatant arrogance.
well duh, because that is their REAL goal George
Conspiracy Fact: Photos show Israeli soldiers with Syria’s Al Qaeda “rebels” in Golan Heights
New Anonymous op as White House still ignores murder of American reporter Serena Shim in Turkey
UN Chief: Israel may have purposely targeted UN base in Lebanon, killing Spanish soldier – VIDEO
PROOF? Two boots talking with camera man (camera around his neck), and two guys in sandals with guns (can't see the guy in front of one of the boots and the one in a jacket doesn't have a rifle.
Biting on TROLL bait is never useful
http://www.israelpalestinemissionnetwork.org/main/component/content/arti...
this is so good, the PCUSA had to quit selling it under pressure from 'certain' political interests
When freshly printed paper is re-injected back into the economic pyramid at the bottom then THAT is a recovery.
Continue to re-inject it back into the top of the pyramid through Wall St, asset purchases, etc. and you continue transferring wealth from the non-Jews to the EVIL Jews.
Enough said.
QE is just money creation/money printing. I don't think the inventor of money printing is alive anymore.