FT columnist Samuel Brittan today examines “the arcane dispute about so-called quantitative easing”.
The most serious objection is that overstimulated bank lending may create asset bubbles which it might be difficult, but not impossible, to deflate. I would be among the first to argue that an optimal anti-recessionary package should include fiscal as well as monetary stimulation. But political resistance to that is even greater, owing to a mistaken analogy between household and government budgets.
Samuel Brittan, “No need to worry about too much easy money“, Financial Times, 1 November 2013.
Sir Samuel complains that quantitative easing is an ugly and unhelpful term for what used to be called
Tags: profile, Samuel Brittan