Well worth listening to this podcast on QE, on helicopter money, and on Nominal GDP Targeting.
You might think you’re not nerdy enough to listen to this kind of thing, but we both know deep down, you are that nerdy.
(Via the excellent Macro Musings Blog)
One reply on “Joseph Gagnon on QE”
Nominal GDP targeting is a joke without fiscal action and income redistribution. The 1% have at least 50% of everything in the OECD.
QE is a failure. Friedman’s theory was that the money supply created inflation. It doesn’t when the 1% run the show.
Since the 20th of June the yield on the US treasury ten year has fallen by 30bps. It is just a short hop now to zero.
Deflation is in charge.
“Pru and Roy and Nelson retreat into their room and he sits a while and watches while Judy, the remote control in hand, bounces back and forth between The Cosby Show, some ice capades, and a scare documentary about foreigners buying up American businesses, and then between Cheers and a drama about saving a fourteen year-old girl from becoming a prostitute like her mother. So many emergencies, Harry thinks, so much canned laughter, so many actors’ tears, all this effort to be happy, to be brave, to be loved, all this wasted effort.” , Rabbit at rest, 1988