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In this year's last monetary policy meeting, the fed advance sent out a New Year gift "start new purchase debt plan, that is in the" reverse operation "at the end of the year after the end of each month, in addition to continue to buy $40 billion mortgage-backed securities outside, still will be about $45 billion to buy additional long-term national debt. This wave "upgrade edition" quantitative easing is outside calls for QE3.5 even QE4.
In fact, the new purchase debt plan is not surprising, launch QE3 in September, the fed is made clear, every month to buy $40 billion mortgage backed securities until the job market appear obvious improvement so far. This means that QE3 asset purchase program not only in quantity may be "on top", buying objects there are "below". One of a pair of boots is already falling, and the other one is sure to be born, only is the morning and evening. The federal reserve currency in October meeting sit tight, and in December meeting out nature is one of the central topics in righteousness.
Moreover, the United States is the "fiscal cliff" shadow, although time is approaching, but congress two parties in bargaining, hard ". The federal reserve chose this time to toss out another boot is clearly a side assist meaning, in order to reduce the long-term interest rates to hedge "fiscal cliff" to the economy may be caused by the downside risks and ease market worries mood.
But, there are two points need to pay attention to: one is, according to a Reuters report, and after "sell short buy long", "turn operation" is different, the purchase if the creditor by creating new money to buy; The second is, the fed has not declared clearly to recovery from the new liquidity.
In the quantitative easing effect by question, the spillover effect appeared continuously, and Ben bernanke did not clear I and looser monetary policy on the real economy of the conduction mechanism and so on many negative case, the fed and pyramid actuate the managers "sluicing", both for the U.S. economy or on the global economy and asset markets, this is not a pleasant New Year gift ".
The United States itself, it loose "syrup" can become "poison". Loose dependence will has the economic decisions "chronic", weakening the United States financial reorganization and economic structural reform, economic recovery will continue to lack of power. For the global economy and asset markets, fear will face a new round of liquidity in the flood risk asset bubble. Especially in emerging economies will inherit "hot money --" consequences, commodity and asset prices would be pushed high, thus to bring input sex inflation.
The other countries of the United States to bring the demonstration effect, seem to form a new round of "loose competition". The European champions for getting rid of the debt crisis, September launch unlimited purchase debt plan; Economic flagging Japan also unwilling to lag behind. Supposed "ErJinGong", YeTian take the post of prime minister shinzo Abe, force a loose policy, during the campaign that the bank of Japan, we should expand monetary loose, promote the weak yen to stimulate export, Japan's economic recovery kinetic energy. Analysts expect, with Japanese politics reshuffle, next year yen may appear dramatic change, from the yen against the dollar than 1 about 80 to 90-1, even break through 100-1 mark. In the United States a new strategic focus, Japan became the deal with China's rise the bridgehead, Japan's economic weakness against open strategic defence, and connivance of the weak yen will be dark help Allies of a record coup.
There were the fed's quantitative easing policy, the European debt crisis form bonds haven effect, plus the yen depreciation of the alliance cooperation, the United States really think this can 16 trillion debt, over deficit "burden" on out? The Wall Street journal (blog, micro Po) "has given the answer the us media have criticized bernanke" I did it my way "monetary policy will boost new financial crisis, implicate global entity economic recovery, the result boomgeranged will be America's economic development and geopolitical objectives.
Go News Center Added by: luohuabin Add time: 2012/12/14 11:05:39 view >>
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