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FX MONETARY POLICIES


Te Fed is realizing that It must keep pumping new money


into the


banking system to avoid a recession


Regular injections of new money can avoid the “debt deflation” that took down the economy in the 1930s


Te money created through QE to date has not gone to the consuming public where it must go


by Ellen Brown QE FOREVER THE FED’S DRAMATIC ABOUT-FACE


“Quantitative easing” was supposed to be an emergency measure. Te Federal Reserve “eased” shrinkage in the money supply due to the 2008-09 credit crisis by pumping out trillions of dollars in new bank reserves. Aſter the crisis, the presumption was that the Fed would “normalize” conditions by sopping up


24 FX TRADER MAGAZINE April - June 2019


the excess reserves through “quantitative tightening” (QT) – raising interest rates and selling the securities it had bought with new reserves back into the market.


Te Fed relentlessly pushed on with quantitative tightening through 2018, despite a severe market correction in


the fall. In December, Fed Chairman Jerome Powell said that QT would be on “autopilot,” meaning the Fed would continue to raise interest rates, and to sell $50 billion monthly in securities until it hit its target. But the market protested loudly to this move, with the Nasdaq Composite Index dropping


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