{"id":6461,"date":"2012-12-12T05:39:08","date_gmt":"2012-12-12T10:39:08","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=6461"},"modified":"2012-12-12T05:39:08","modified_gmt":"2012-12-12T10:39:08","slug":"dangers-of-quantiative-easing-may-be-political-more-than-technical","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/12\/dangers-of-quantiative-easing-may-be-political-more-than-technical\/","title":{"rendered":"Dangers of quantiative easing may be political more than technical"},"content":{"rendered":"

Glenn Stevens, governor of the Reserve Bank of Australia, in an address to the Bank of Thailand today commented on the dangers facing central bank monetary policy:<\/p>\n

\n

For the major countries a further dimension to what is happening is the blurring of the distinction between monetary and fiscal policy. Granted, central banks are not directly purchasing government debt at issue. But the size of secondary market purchases, and the share of the debt stock held by some central banks, are sufficiently large that it can only be concluded that central bank purchases are materially alleviating the market constraint on government borrowing. At the very least this is lowering debt service costs, and it may also condition how quickly fiscal deficits need to be reduced. There is nothing necessarily wrong with that in circumstances of deficient private demand with low inflation or the threat of deflation. In fact it could be argued that fiscal and monetary policies might actually be jointly more effective in raising both short and long-term growth in those countries if central bank funding could be made to lead directly to actual public final spending \u2013 say directed towards infrastructure with a positive and long-lasting social return \u2013 as opposed to relying on indirect effects on private spending.<\/p>\n

The problem will be the exit from these policies, and the restoration of the distinction between fiscal and monetary policy with the appropriate disciplines. The problem isn’t a technical one: the central banks will be able to design appropriate technical modalities for reversing quantitative easing when needed. The real issue is more likely to be that ending a lengthy period of guaranteed cheap funding for governments may prove politically difficult. There is history to suggest so. It is no surprise that some worry that we are heading some way back towards the world of the 1920s to 1960s where central banks were \u2018captured\u2019 by the Government of the day.<\/p>\n<\/blockquote>\n

via RBA: Speech-Challenges for Central Banking<\/a>.<\/p>\n

Hat tip to Walter Kurtz at Business Insider.<\/p>\n","protected":false},"excerpt":{"rendered":"

Glenn Stevens, governor of the Reserve Bank of Australia, in an address to the Bank of Thailand today commented on the dangers facing central bank monetary policy: For the major countries a further dimension to what is happening is the blurring of the distinction between monetary and fiscal policy. Granted, central banks are not directly … <\/p>\n

Continue reading “Dangers of quantiative easing may be political more than technical”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,31],"tags":[987,1410,2831],"class_list":["post-6461","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-the-fed-banks-interest-rates","tag-deficit-funding","tag-fiscal-deficit","tag-quantitative-easing"],"yoast_head":"\nDangers of quantiative easing may be political more than technical - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dangers of quantiative easing may be political more than technical - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Glenn Stevens, governor of the Reserve Bank of Australia, in an address to the Bank of Thailand today commented on the dangers facing central bank monetary policy: For the major countries a further dimension to what is happening is the blurring of the distinction between monetary and fiscal policy. 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Long-term yields are in a cyclical downtrend, driven by speculators. However, long-term bonds are in a secular bear market fueled by fiscal instability and a rising threat of inflation. International capital flows will also dry up\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Combined Assets of the Fed, ECB, BOJ, and PBOC","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":19031,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/09\/ultra-low-interest-rates-may-lead-to-a-debt-trap\/","url_meta":{"origin":6461,"position":1},"title":"Ultra-low interest rates may lead to a ‘debt trap’","author":"Colin Twiggs","date":"October 9, 2019","format":false,"excerpt":"The highly-regarded Stephen Bartholomeusz warns that central bank policies may lead to a 'debt trap': \"....With the world apparently re-starting the use of unconventional monetary policies even before central banks have extricated themselves from the legacies of a decade of those policies, there is a real risk that the impacts\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4555,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/06\/06\/when-austerity-fails\/","url_meta":{"origin":6461,"position":2},"title":"When Austerity Fails","author":"Colin Twiggs","date":"June 6, 2012","format":false,"excerpt":"Austerity decimated Asian economies during their 1997\/98 financial crisis and similar measures have failed to rescue the PIIGS in Europe 2012. David Cameron's austerity measures have also not saved the UK from falling back into recession. So why is Wayne Swan in Australia so proud of his balanced budget? And\u2026","rel":"","context":"In "Debt Levels"","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61955,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/06\/13\/dollar-warns-of-tipping-point\/","url_meta":{"origin":6461,"position":3},"title":"Dollar warns of tipping point","author":"Colin Twiggs","date":"June 13, 2025","format":false,"excerpt":"Summary The dollar is weakening due to capital outflows from the US Long-term Treasury yields are declining in anticipation of Fed rate cuts However, capital outflows are expected to lift long-term rates and slow economic growth in the years ahead The weaker dollar is expected to depress stock prices and\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"Dollar Index","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-06-12-dxy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-06-12-dxy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-06-12-dxy.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":63132,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/11\/20\/carry-trades-at-risk-as-japanese-bond-market-revolts\/","url_meta":{"origin":6461,"position":4},"title":"Carry trades at risk as Japanese bond market revolts","author":"Colin Twiggs","date":"November 20, 2025","format":false,"excerpt":"Key Points The Japanese yen fell to 158 against the dollar. The 30-year JGB yield climbed to 3.37% on concerns over loose fiscal and monetary policy. Unwinding carry trades risks a repeat of the August 2024 financial market sell-off. The Japanese yen has weakened sharply to 158 against the dollar.\u2026","rel":"","context":"In "Japan & Korea"","block_context":{"text":"Japan & Korea","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/japan-korea\/"},"img":{"alt_text":"Japanese Yen","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-19-jpy.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-19-jpy.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-11-19-jpy.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":16125,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/02\/26\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\/","url_meta":{"origin":6461,"position":5},"title":"Richard Koo: Surviving in the Intellectually Bankrupt Monetary Policy Environment","author":"Colin Twiggs","date":"February 26, 2018","format":false,"excerpt":"https:\/\/youtu.be\/8YTyJzmiHGk Richard C. Koo, Chief Economist, Nomura Research Institute, at the ACATIS Value Konferenz 2016 in Frankfurt Why QE doesn't work. I have the greatest respect for Richard Koo and his unconventional, balance-sheet-recession approach to economics. It strikes me is that if central banks lower interest rates to stimulate borrowing\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/8YTyJzmiHGk\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=6461"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/6461\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=6461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=6461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=6461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}