The ‘monetary-easing’ moneytrap 「金融緩和」という金融政策のわな
The ‘monetary-easing’ moneytrap
The plates to print money across the world ought to come with a warning label. There’s nothing more addictive to government than the ability to flood the market with paper currency. It seems like a solution, but it’s not. Mario Draghi, the president of the European Central Bank, announced last week a desperate “monetary-easing” policy that will combine with negative interest rates to prop up crumbling economies in the Old World.
The central bank’s asset-buying scheme won’t be any more successful in Europe than the Federal Reserve’s “Operation Twist” has been in the United States. For the past three years, the Fed has been swapping short-term securities for long-term securities in a scheme to drive down long-term interest rates in the hopes that would encourage businesses to borrow and invest.