As author John Michaelson points out in this WSJ op-ed piece today, the Fed’s easy money policy does not stimulate the economy, but only shifts resources around in ways that are harmful to the long-term strength of the economy.
Are we reaching a teachable moment in American history? The crucial lesson to learn is that federal economic meddling cannot improve efficiency, but only impedes it. We need to drop the Santa Claus illusion that the White House, Congress, the Fed can make us wealthier through their various policy gimmicks.
