by Graham Summers, Gains Pains & Capital:
The Fed is now blaming Congress for the failures of its QE policies.
This is to be expected, given that no one in the power elite ever accepts responsibility for their own failures. Congressional members blames each other (depending on which party they’re in), the Fed blames Congress, the White House blames the GOP, and on and on.
Behind this façade of bickering is the total and complete failure of the Fed’s policies to generate economic growth OR jobs. Regarding #1, the US has not had a single year of 3% GDP growth since Bernanke became Fed Chairman. End of story.
As for QE… there is not one single example in history in which QE has successfully created jobs. The UK has engaged in QE equal to over 20% of its GDP and hasn’t seen a real recovery in employment. Similarly, Japan has employed QE equal to nearly 25% of its GDP and GDP growth continues to slow while unemployment stays elevated.
Please follow SGT Report on Twitter & help share the message.