What Is Quantitative Easing?

Ben Bernanke was the only central bank leader at the time who implemented my first advice of this, what I call quantitative easing. The Federal Reserve took huge amounts of bad assets off financial institutions balance sheets. As a result, bank lending recovered first in the US and GDP growth recovered first. But it would have been even better had he ensured that this bank credit creation goes mainly into the real economy. That's why your other point is corrected.