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Market is not weak. Don't short. |
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The Monetary Base is Not Money -- theoretical - (3856 Byte) 2010-7-13 周二, 09:12 (1792 reads) |
emperorfan [博客]
年龄: 49 加入时间: 2010/02/05 文章: 2008
海归分: 814623
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作者:emperorfan 在 青蛙园地 发贴, 来自【海归网】 http://www.haiguinet.com
collapse of shadow banking system and securitization slows velocity.
Tightening lending standards did not help either.
from Wiki:
When the Federal Reserve announced in 2005 that they would cease publishing M3 statistics in March 2006, they explained that M3 did not convey any additional information about economic activity compared to M2, and thus, "has not played a role in the monetary policy process for many years." Therefore, the costs to collect M3 data outweighed the benefits the data provided.[15] Some politicians have spoken out against the Federal Reserve's decision to cease publishing M3 statistics and have urged the U.S. Congress to take steps requiring the Federal Reserve to do so. Libertarian congressman Ron Paul (R-TX) claimed that "M3 is the best description of how quickly the Fed is creating new money and credit. Common sense tells us that a government central bank creating new money out of thin air depreciates the value of each dollar in circulation."[20] Some of the data used to calculate M3 are still collected and published on a regular basis.[15] Current alternate sources of M3 data are available from the private sector[21]. However, some would argue [citation needed] that since the Federal Reserve has even less control over the fluctuations of M3 than over those of M2, it is unclear why this number is relevant to monetary policy.
As of 4 November 2009 the Federal Reserve reported that the U.S. dollar monetary base is $1,999,897,000,000. This is an increase of 142% in 2 years.[22] The monetary base is only one component of money supply, however. M2, the broadest measure of money supply, has increased from approximately $7.41 trillion to $8.36 trillion from November 2007 to October 2009, the latest month-data available. This is a 2-year increase in U.S. M2 of approximately 12.9%.[23]
The Keynesian side points to a major example of ineffectiveness of open market operations in encountered in 2008 in the United States, when short-term interest rates went as low as they could go in nominal terms, so that no more monetary stimulus could occur. This zero bound problem has been called the liquidity trap or "pushing on a string" (the pusher being the central bank and the string being the real economy).
作者:emperorfan 在 青蛙园地 发贴, 来自【海归网】 http://www.haiguinet.com
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