“The side affect of all of the money supply and low interest rates is that commodity prices continue to rise, which is hitting the middle class rather hard. And with consumers making up 70% of the economy, this is a real drag on real economic growth. We have printed a lot of money but the impact looks muted at this point. The Fed, unlike the President, can intervene in the economy without the consent of Congress. But the central bank’s ability to turn monetary policy into economic growth has been reduced by globalization and the reduced reliance on U.S. workers among large employers.” Read more.
“Can the Federal Reserve Print to Prosperity?”
Forbes.com, May 3, 2011.
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