Daily: My thoughts on QE3

Here are some quick thoughts on QE3. Central banks around the world are taking the lead on reflation where fiscal agents refuse to do so. And the policy stances have become increasingly aggressive. Right now, every major central bank is supporting domestic growth with very aggressive monetary and currency policy. In Europe, the ECB is doing "whatever it takes" by offering unlimited liquidity in support of periphery debt. In Britain, the Bank of England has repeatedly added liquidity in the form of government debt purchases despite above-target inflation rates. In Japan, the Bank of Japan is still in the midst of a decade long easing campaign as the economy fights deflation. In Switzerland, the Swiss National Bank has renewed its pledge to support the economy by pegging an upper bound on th...


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