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Abstract: The Federal Reserve recently renewed efforts to strengthen the U.S. economy through Operation Twist, under which it sells short-term securities and buys long-term securities. The Fed is responding to weak U.S. jobs growth and the evident ineffectiveness of President Obama’s economic policies. The “twist” policy has little prospect of helping the economy, while adding more harmful uncertainty to markets.
In Washington DC along Constitution Avenue and 20th Street sits the Marriner S Eccles building, named after one of the greatest central bankers of all time, who went against the prevailing economic religion that would have destroyed the US like Sri Lanka in 1951.
In Washington DC along Constitution Avenue and 20th Street sits the Marriner S Eccles building, named after one of the greatest central bankers of all time, who went against the prevailing economic religion that would have destroyed the US like Sri Lanka in 1951.
The Fed’s delay in addressing inflationary pressures puts it on course to establish a new standard for incompetence in the management of U.S. monetary policy.