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Do you remember? That darn “quantitative easing?” According to naïve gold bugs, this expansion of central bank liabilities (dollar bills and commercial bank deposits at the central bank) would lead to hyperinflation. By the way, whenever you hear the term “monetary base” (M.B.), then this term refers to the amount of central bank liabilities. This week I met the former chairman of the Federal Reserve in Cleveland, the creator of the monetary base as statistic, and he showed me why the Federal Reserve has just lost control over its monetary policy.

This Was “Quantitative Easing” in the U.S.

What Are the Consequences of QE for Monetary Policy?

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