On Thu, Jun 20, 2013 at 1:55 PM, Doug Henwood <[email protected]> wrote:
> It could do these things, sure. But the point of buying MBS's etc. was to > support their value and keep interest rates down. I want to shift resources > from elite private consumption to nonelite consumption and public > investment. Both of these can be achieved by properly targeted helicopter drops - for public investment, drop the cash on the Treasury department; to increase nonelite consumption, drop the cash over Times Square - or send equal checks to everyone filing an income tax return. > For that, I'd say fiscal policy is the way to go - partly debt-, and > partly tax-financed. The gov should take away with one hand and give to the > other. Having a central bank do these things is a way to avoid the struggle > over the allocation of resources. > If you can get what you want without a struggle, why not? -raghu.
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