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The Origins of Quantitative Easing

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The term "quantitative easing" became popular in 2009, says the St. Louis Fed's Monetary Trends report for July. But guess what? "This is actually the second, not the first, quantitative easing by U.S. monetary authorities," the report says, taking an overall tone a bit too much like someone who is taking credit publicly for doing something that should only be done privately, late at night, under cover of darkness, if it's even done at all.

There's also this nugget on the Fed's "exit strategy":
"In 1936, as today, concern arose regarding inflation. Then, the Fed’s exit strategy was higher statutory reserve requirements, infeasible today. Today, the Fed’s exit strategy includes increasing the remuneration rate on deposits at the Fed, offering banks term deposits at the Fed, and the use of repurchase agreements."
"In 1936, as today..."? God help us all.
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