Is not the basic problem too much money has been created? In the US the money supply measure M3 has increased to an annual rate of 14% (exceeding the previous 1982 peak). GDP increase is only 3 ½ % so where has the rest gone? Into unproductive investments such as sub-prime housing loans and loans for unviable business ventures? Increasing the money supply further (more repos, lowering interest rates etc) might mitigate the inevitable results of these follies in the short term but exacerbate them in the long term. Like giving more drugs to an addict?
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