Monday, June 8, 2009

Sowing the Seeds

Too few people understand the role that the Federal Reserve has played in creating the bubbles of the past decade. Loose monetary policy, which is once again being heralded as an economic panacea, is creating a perceived improvement in short-term conditions at the expense of longer-term economic soundness. This game of kicking the can down the road can not continue indefinitely. Federal Reserve "success" will only lead to an even larger mess before long. As was the case in 2001, the necessary and inevitable readjustment will be less painful if it occurs sooner rather than later.

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