03 - John Cochrane on Finance, the Fiscal Theory of the Price Level, and Blogging
Macro Musings with David Beckworth
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The Fed's Quantitative Ease Programs
CNN's John Sutter says quantitative easing has been ineffective. The Fed bought $3 trillion worth of treasuries and turned that into bank reserves, he says. That should have set off the hyperinform, but it didn't, according to Sutter. He says QE is like buying red M&Ms and giving you bad green M&Ms or taking your 20s and giving you two 5s and a 10 for each one of them.
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