US 'Quantitative Easing' Is Fracturing the Global Economy

Michael Hudson

Economics Working Paper Archive from Levy Economics Institute

Abstract: The Federal Reserve's quantitative easing is presented as injecting $600 billion into "the economy." But instead of getting banks lending to Americans again—households and firms—the money is going abroad, through arbitrage interest-rate speculation, currency speculation, and capital flight. No wonder foreign economies are protesting, as their currencies are being pushed up.

Keywords: Exchange Rates; Asset-price Inflation; Monetary Policy (search for similar items in EconPapers)
JEL-codes: E50 E58 F34 F42 G12 (search for similar items in EconPapers)
Date: 2010-11
New Economics Papers: this item is included in nep-cba, nep-mac, nep-mon and nep-pke
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