The Phaserl


Allister Heath: Ben Bernanke has got it totally wrong

by Jan Skoyles,

As even the man on the moon has heard by now, the Federal Reserve last night decided not to taper QE. Instead they intend to happily feed the economy with $85 billion of free money on a monthly basis.

Their reasons for doing so? The US economy is still in bad shape. The author of today’s Best of the Web, Allister Heath, mentions the irony of this situation when everything jumps up in celebration (as markets did yesterday) because everything is still going so badly.

Central bankers around the world have been asked about the merits of QE versus the negative side effects. They have all responded that the former far outweighs the latter. Allister Heath, like an increasing number of people, is not convinced.

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