The implication of my view of the way monetary policy works for the assets of the Fed is that the current level of total assets is a result of past policy and that continued slow growth is needed to support the real economy going forward.
And central banks can widen the range of assets they use for monetary operations.
Precisely those purchases of assets to further ease monetary policy are cooking a bigger financial crash than in 2008, Peter Schiff of Euro Pacific Capital argues, and that collapse will start with the housing and bond markets.
But, in general terms, all three countries are doing what they are told drafting bankruptcy and foreclosure laws, liberalising investment regimes, privatising state assets, and following tight monetary policies.
At a seminar once, I remember hearing him make the generalisation that monetary policy is easy only when the prices of assets are rising faster than the prices of the goods they produce (when the real return to holding assets is positive).
"Kuroda made good on his promise of boosting monetary easing in terms of both volume and types of assets that the bank purchases, " said Junko Nishioka, chief Japan economist at RBS Securities in Tokyo.
Today the prices of many assets are being held up by unsustainable fiscal and monetary stimulus.
The ongoing sovereign debt issues with Greece reignited when comments from the European Central Bank and the International Monetary Fund suggested that without further austerity measures and sale of assets by Greece, the ability of Greece to be able to repay debt soon coming due comes into question.
The rule is well suited to deal with divergent developments in different categories of assets, and of countries or regions under a common monetary regime.
"The BOJ will pursue powerful monetary easing by maintaining virtually zero interest rates and purchases of financial assets as long as it deems appropriate, " the statement said.
When making lists of password-protected digital assets, it is wise to focus first on the ones with monetary value, experts say.
Thus the monetary impact of Fed activities over the year has been substantially less than implied by the doubling of its assets.
Specter is getting set to introduce a bill that would make hedge funds that invest pension assets to register, require them to set up ethics codes and compliance programs, and give monetary rewards to individuals who draw regulators' attention to insider trading.
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