60a Quantitative Easing 20 Year Anniversary

On March 19, 2001 CNN described quantitative easing by the Bank of Japan as "inject[ing] a large amount of money into the Japanese economy." It wasn't large, it wasn't money, and it never got to the economy. In two decades nothing has changed; not in Japan - not anywhere.

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Art: davidparkins.com/

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--EP #60: PART 01 TOPICS--
00:55 Quantitative Easing was introduced to the world 20 years ago, March 19, 2001
02:07 What are the three purported effects of QE: portfolio effects, signaling, lower rates
04:32 Why is New Zealand in the financial news and what does it have to do with QE?
05:28 Is it unusual for a central bank auction to "bust"?
06:21 Studies have found that QE sized to 10%-of-GDP contributes around 0.50% to lower rates
10:05 The financial media said QE was "money" which was "injected into the economy"
12:12 BOJ Board Member Eiko Shinsotsoka voted against QE and ZIRP but nobody listened to her
15:39 The first QE was for 1 trillion yen, an unscientific guesstimate to influence expectations
19:49 Both China and Japan had a problem with non-performing loans in the late 1990s
22:01 QE's purpose was to signal intent, earnestness - to maintain appearances of action
24:41 Central banks do not believe that QE works - CENTRAL BANKS DON'T BELIEVE IN IT!

--------REFERENCES--------
Central Banks Don't Do Quantities of Money Because They Can't: bit.ly/3srNL1j
Kiwi Busted QE And Its Relation To The Reflation Story: bit.ly/3ddL78Q
Alhambra Investments Blog: bit.ly/2VIC2wW
RealClear Markets Essays: bit.ly/38tL5a7

---------WHO-----------
Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski, Flight of the Conchords fan. Art by David Parkins.

#JeffSnider #QuantitativeEasing #CentralBanks

Author

Ariyani

Como educador, estou profundamente engajado no desenvolvimento dos estudantes em ambiente escolar, adotando métodos pedagógicos que valorizam conexões genuínas e são movidos por inovação e fervor. É minha vocação guiar os alunos na jornada de se tornarem uma geração notável, empregando estratégias de ensino amplamente aclamadas por prestigiadas instituições acadêmicas ao redor do globo - events.zulekhahospitals.com