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Published by , Friday, December 13th 2013

Why Quantitative Easing Didn

cheap canada goose uk How Much Did This Cost Us?Nothing, really. cheap canada goose uk

buy canada goose jacket Government bonds are basically dollar equivalents. You exchange your dollars for t bills, and when they mature, you exchange your t bills for dollars (plus a tiny bit of interest). So when you (or a bank) buys or sells t bills, you aren't changing your financial position at all. The same is true on the government's side of the ledger. Cost to the government: zero. buy canada goose jacket

Canada Goose Coats On Sale Mortgage Backed Securities are a bit different, as they are bank created credit. The government bought those suspect assets from banks with dollars, basically putting banks in the same position they would have been in had the MBS's held their value. But as the holder of those MBS's, the government received dollars as those MBS's matured probably not the full value, but it wasn't Canada Goose online just a money giveaway, either. The government got most of that money back. Cost to the government: whatever losses they took on MBS values, if any. Canada Goose Coats On Sale

Canada Goose sale So, Why Didn't QE Work?Taking toxic assets off of the banks' hands, plus exchanging dollars for their t bill holdings was supposed to make the banks cash rich, which in turn would spur the banks to make more loans, which would in turn spur the economy. This thinking is flawed on a few levels, though. The decision to loan money is not dependent on how much cash a bank has on hand (for an explanation, see my article, Why Interest Rates Aren't Going Up). Banks buy canada goose jacket are not reserve constrained, so the decision to loan out money is always based on the creditworthiness of the borrower and the risk reward calculations of the bank. And since the housing crash affected just about everybody, people weren't spending money and the economy was tanking because of it. So there were simply not very many creditworthy borrowers out there. Who's going to start or expand a business in down times? So few loans were made, and the banks instead held onto canada goose coats that excess cash, even converting much of it right back into government canada goose store securities. Canada Goose sale

canada goose store When it was all said and done, considering that the government recovered buy canada goose jacket cheap most of the value of their MBS's, very few net dollars were added into the canada goose clearance sale economy and canada goose deals all of those went to the banks. canada goose store

canada goose coats on sale Plus, most aggravating of all, the banks were taken off the hook for their stupid and risky investments in MBS's. I'm sure that bank executives rewarded themselves richly for that. canada goose coats on sale

canada goose uk shop What Should Have Been Done InsteadAdding dollars into a down economy is generally a good idea, but a lot depends on where they are added. Spurring consumer spending is the key, and the way to do that is to put money into the hands of people that will spend it poor people, basically. Instead, QE put cash into the hands of the banks. Normal people never saw a penny of it. canada goose uk shop

canada goose coats The best idea I heard of came from Warren Mosler. His suggestion in response to the mortgage crisis would be to immediately eliminate canada goose black friday sale FICA taxes. People paying mortgages generally have jobs, and eliminating FICA taxes would immediately give wage earners a large boost in their take home pay, hopefully enough to continue to make mortgage payments even after their adjustable rate mortgage rates went up. MBS's were only toxic because canadian goose jacket of the high rate of default lower that default rate, and the problem is solved. canada goose coats

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canada goose clearance sale I agree that monetary policy isn't terribly effective at addressing economic problems. Fiscal policy is where some real good can be done. Unfortunately, far too many people (especially politicians) are still laboring under the misconception that countries sovereign in their own currency have to borrow money to spend money. Few even understand the difference between pure fiat currencies and the Eurozone countries. I think there will be an upcoming hub on that subject.6 years ago from Northern Germany canada goose clearance sale

Canada Goose online Quantitive Easing is nothing else but a monetary effort to shift corporate and household debt to public debt. Doesn change a thing in the overall economic situation. No structural reforms, no nothing. How is anyone to expect improvements Canada Goose sale from QE? Canada Goose online

buy canada goose jacket cheap Sometimes i think monetary action is like putting a newspaper sheet over a pile of stinking manure. The effect is that you don see the mess and it doesn smell (in the beginning). But then the newspaper gets wet and dirty and the manure gets bigger and bigger. So you need more and more sheets of paper to cover the dirt. buy canada goose jacket cheap

The manure is the economic mess, the newspaper sheet is money. In both, the monetary playing fields and in the smelly example, all you achieve is buying time. But as long as you don clean up the mess.

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