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NOV 08, 2013 - TheStreet

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The European Central Bank Plays a Logical Song

NEW YORK (TheStreet) -- When U.S. policymakers pushed austerity and high unemployment, cutting the deficit in half despite sluggish growth, the Federal Reserve stepped in with its program of quantitative easing. Economists and analysts are still arguing over the impact of QE, but the alternative was to do nothing, because the usual weapon of monetary choice, cutting interest rates, was no longer available. Interest rates had fallen to near-zero. The situation is often called "pushing on a string" or a "liquidity trap," and it now seems Europe is in it with us. In a surprise move ... Read More

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