The Anti-Fed Revolution


The Fed can’t solve our economic woes

Cato Institute
by Gerald P. O'Driscoll, Jr.


Temporary spending and tax breaks are always dubious, and especially so now when the rational motivation is to save more and consume less. One-off tax credits for homes, for example, merely borrowed sales from the future. These fiscal programs predictably depressed rather than augmented future consumption. What is in short supply is not liquidity, but savings. The Fed can supply the former but not the latter. Both fiscal and monetary polices need to shift their focus. The Fed has done the heavy lifting and responded more than adequately to liquidity issues. Now there is little further it can do that is beneficial...

Informant: Thomas L. Knapp'Driscoll

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