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Reserves Cannot Enable Banks to Make More Loans

I have to apologize beforehand. This informative article will appear repeated to regular visitors. Unfortunately, since the message just isn’t escaping We keep saying the point….

In the event that you desired real-time proof my “vacuum issue” in economics (my concept that a lot of economics is tested in a vacuum and not correctly translated towards the real life), well, right here it really is. In a bit posted today Martin Feldstein writes that most those Central Bank reserves which were added via QE needs to have developed sky high inflation. He calls this “the inflation puzzle”. But that isn’t a puzzle after all in the event that you know how banking works within the real-world. Continue reading