QE Inventor: It’s EASY to Create a Full-Blown Recovery, But Central Banks Chose to Make Banksters Rich Instead of Helping Main Street
WashingtonsBlog.com
March 5, 2015
QE Is a Sham
Richard Werner (economics professor at University of Southampton) is the inventor of quantitative easing (QE).
Werner previously said that QE has failed to help the economy. (Former long-time Fed chair Alan Greenspan agrees. Numerous academic studies confirm this. And see this.)
But Werner is now taking off the gloves …
He said recently:
It’s easy for central banks to take steps which would quickly create “full-blown recovery” for the economy
But the central bankers are instead choosing to act in a way which creates massive profits for the big banks, instead of stabilizing the economy. Werner blames the revolving door between central bankers and private bankers
The central banks have twisted the whole concept of easing … pretending that they’re trying to help the economy, when they’re doing something else entirely
Credit should be extended to the productive economy – businesses which create goods and services – and not to financial speculators or high levels of consumer debt. Extending credit to small businesses former creates prosperity; lending to financial speculators only leads to economic instability and soaring inequality; and when too high a percentage of lending goes to luxury consumer consumption, it’s bad for the economy
The Rest…HERE
