4 ms·
I had the same thought about quantitative easing. Because he used the money to make so much investment, he was single-handedly modifying Portugal's monetary pol
by DavidAdams 7y ago
I had the same thought about quantitative easing. Because he used the money to make so much investment, he was single-handedly modifying Portugal's monetary policy, which, had he succeeded, may have permanently stimulated the economy. When reading about what the authorities did in the wake of his discovery, I thought, "that's exactly the kind of action you'd take if you wanted to precipitate a recession." I wonder what would have happened if they'd confiscated his ill-gotten assets but still retroactively legitimized the injection of new money, and swept the whole thing under the rug?