Credibly promising to be irresponsible...since 2004!
Thursday, October 06, 2011
Did someone say monetary expansion?
It has become almost fashionable to claim that the Fed is not doing nearly enough to revive the economy. This conclusion follows from the same logic that the "stimulus was too small" meme employs: Has the economy recovered? No? Then policymakers have not done nearly enough.
Check out what's happened to the monetary base since the crisis began:
(clic the pic for a more vertiginous view)
The base has gone from a path of roughly doubling each decade to more than tripling in three years.