Confessions of a Quantitative Easer by Andrew Huszar
For years I have reported that the Federal Reserve’s policy of Quantitative Easing, that is, bond purchases in order to support bond prices, is not an economic policy directed at helping the economy recover from the financial crisis caused by financial deregulation and irresponsible gambling and fraud by large banks and Wall Street. I have reported that the Federal Reserve’s policy is directed at supporting the balance sheets of “banks too big to fail.”
Despite this obvious fact, presstitutes and economists pretend that QE has brought economic recovery and that QE will end as soon as the Federal Reserve judges the recovery to be sustainable without its bond purchases.
Now we have a confession from Andrew Huszar, who was the Federal Reserve official in charge of Quantitative Easing. He says that QE is for the banks’ profits, not for the economy.