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How the Fed Supercharged Inequality
4 monthes ago | By The New Republic
Like any good economic euphemism, “quantitative easing” evokes the soothing prospect of crisis averted and equilibrium restored. The term-coined by former Federal
Reserve Chairman Benjamin Bernanke to keep interest rates at zero for the high-powered banks obtaining cash at the Fed's discount window-neatly conveys a sense of close forensic care paired with the aura of a safe landing in progress: It says, in essence, “Everyone's in good hands now.”
Only, as business journalist Christopher Leonard makes clear in The Lords of Easy Money , his bracing and closely reported chronicle of the Q.E...
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