I’ve noticed with doomsayers it’s always deflation or hyperinflation. It never occurs to them that the Fed can do something that’s in between the two, such as w

I’ve noticed with doomsayers it’s always deflation or hyperinflation. It never occurs to them that the Fed can do something that’s in between the two, such as what they’ve been doing for almost forty years since Volcker stamped down inflation. Central banks in practice can print as much or as little money as they want. In the third world, they often do. Well-functioning banks like those we have in the Western world can do better, such as the way Iceland was able to deal with their entire financial system collapsing in one day. But it’s always intrigued me the way people talk about QE as though there’s something artificial. Artificial is exchanging pictures of George Washinton for goods and services. Everything else is an implementation detail.