11 10 2012

Monetary Mystification
by Joseph E. Stiglitz

Joseph E. Stiglitz, a Nobel laureate in economics, is University Professor at Columbia University. A pioneer in the fields of taxation, development, trade, and technical change, he chaired President Bill Clinton’s Council of Economic Advisers, and was Senior Vice President and Chief Economist of the World Bank.

NEW YORK – Central banks on both sides of the Atlantic took extraordinary monetary-policy measures in September: the long awaited “QE3” (the third dose of quantitative easing by the United States Federal Reserve), and the European Central Bank’s announcement that it will purchase unlimited volumes of troubled eurozone...

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