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US 'Quantitative Easing' Is Fracturing the Global Economy

Author

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  • Michael Hudson

Abstract

The Federal Reserve's quantitative easing is presented as injecting $600 billion into "the economy." But instead of getting banks lending to Americans again—households and firms—the money is going abroad, through arbitrage interest-rate speculation, currency speculation, and capital flight. No wonder foreign economies are protesting, as their currencies are being pushed up.

Suggested Citation

  • Michael Hudson, 2010. "US 'Quantitative Easing' Is Fracturing the Global Economy," Economics Working Paper Archive wp_639, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_639
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    More about this item

    Keywords

    Exchange Rates; Asset-price Inflation; Monetary Policy;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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