Occupy QE
The Occupy Wall Street movement began two years ago this month, galvanizing attention to income and wealth inequality in the US and around the world. But, if anything, economic inequality has deepened since then – and, lost in the angst over inequality, is the critical role that central banks have played in exacerbating the problem.
NEW HAVEN – The Federal Reserve continues to cling to a destabilizing and ineffective strategy. By maintaining its policy of quantitative easing (QE) – which entails monthly purchases of long-term assets worth $85 billion – the Fed is courting an increasingly treacherous endgame at home and abroad.