期刊名称：BULLETIN OF EU AND US INFLATION AND MACROECONOMIC ANALYSIS
出版年度：2008
卷号：162
期号：0
页码：72-75
出版社：Universidad Carlos III de Madrid
摘要：We should not bother summarizing the facts; still we will. The Federal Reserve Bank of the United States has pushed the Federal Funds rat (FFr) to negative real values while offering American banks to swap risky securities of uncertain value for safe Treasury securities of certain value, or engineering the acquisition of one bank by another. At the same time, the bi-partisan "federal stimulus" plan is underway: American taxpayers are being mailed checks of varying amounts, the total value of which is about 1% of GNP. The question we ask is: does the whole package of government interventions make sense? Apparently, it does: most commentators are applauding the choice, and the very few uttering criticisms are mostly anti-market types used to blame free markets, competition, capitalism and globalization for everything painful, from financial crises to diarrhea. Among experts, the unanimous consensus is that these choices are the correct ones. We dare to disagree.
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