Interview original date: September 11th, 2020 Topics - Quantitative Easing: It’s not quantitative, is it easing? Bank reserves: What can they do and what can’t they do? Consumer Price Inflation: does QE lead to rise of consumer prices? Why do the FED’s measures not cause a reac tion in the Real Economy? QE is an asset swap: Clearing House Certificates, interbank system, the FED replicates the functions of a Clearing House. Bank Reserves have no role outside of the interbank system. Inflation can be caused by tons of bank lending or direct Federal Gov spending in the economy with massive deficits. QE is supposed to cause action from the banking system, but it doesn’t in reality. Bank lending, stimulus, deflationary spiral. Government spending: helicopter money, stimulus vs. aid.
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