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News Link • Economy - Economics USA

Why The Fed Cannot Simply Inflate Its Way Out of Every Financial Crisis

Or as Joe Klein so colorfully phrased it, the elite have been strip-mining the middle class in America for the past thirty years. Along with the 'efficient market hypothesis,' trickle-down economics is also a fallacy. This is why the stimulus program being conducted by the Federal Reserve, in an egregious expansion of its authority to conduct monetary policy, in subsidies and transfer payments to Wall Street is not working to stimulate the real economy. It merely inflates the bonuses of the few, and extends the unsustainable. So obviously one might say, "The Banks must be restrained, and the financial system reform, and the economy brought back into balance, before there can be any sustained recovery.

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