Global QE Experiment: An Open Letter to the Debate Team

Global QE Experiment: An Open Letter to the Debate Team by Danielle DiMartino Booth

Dear Madame and Sirs,

“We have involved ourselves in a colossal muddle, having blundered in the control of a delicate machine, the working of which we do not understand.” In 1930, John Maynard Keynes worried about how economic events had unfolded following the 1929 stock market crash penned these words.

It is not often that John Maynard Keynes’ words grace these pages. That may have more to do with the exaggerated reputation the legendary economist has posthumously earned in a world flooded with central bank-generated debt. It is convenient, if not fully grounded, to credit Keynes with the inspiration to keep interest rates anchored at the...