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UGG ブーツ アウトレット 焚香操琴

. Under the policy lapsed, subject to post-war economic slowest, most tortuous recovery, it is not difficult to understand. QE does have a stimulating effect on asset prices, but on the real economy (especially in the job market) is not very helpful. If you can not increase employment QE2, QE3 can not do, but in vain increase mobility for fueling inflation. Fiscal policy from the White House, the U.S. fiscal deficit will be overweight because of the election, but doing so will only Fed added more trouble. Postwar history shows that almost without exception occurs during periods of high inflation debt gets narrower, so that the monetary policy of the road, until the central bank was forced to raise interest rates sharply, monetary tightening. After the payrolls data, QE3 baked call high. Female employment is the recovery, 14 million unemployed people are not properly disposed of, is bound to weaken consumer confidence, investment hardly started naturally difficult real estate market, the economy into a vicious circle. I believe that in all the negative factors, structural unemployment and the bank "disintermediation", but the core of the problem, but also the transmission mechanism of monetary policy loses. The Fed's monetary policy is now,UGG ブーツ アウトレット, like trying to push a rope in front of the object, the effectiveness can be imagined. Under the policy lapsed, subject to post-war economic slowest, most tortuous recovery, it is not difficult to understand. QE does have a stimulating effect on asset prices, but on the real economy (especially in the job market) is not very helpful. If you can not increase employment QE2, QE3 can not do, but in vain increase mobility for fueling inflation. Fiscal policy from the White House, the U.S. fiscal deficit will be overweight because of the election, but doing so will only Fed added more trouble. Postwar history shows that almost without exception occurs during periods of high inflation debt gets narrower, so that the monetary policy of the road,UGG ブーツ 正規品,アグ モカシン, until the central bank was forced to raise interest rates sharply, monetary tightening. After the payrolls data, QE3 Bernanke JacksonHole baked call the city wall, incense Caoqin, smiling. Left with a boy, holding a sword, and right there is a boy, holding a stag tail. There are more than twenty people, down sweep, near absence of people. Short generals shocked, "Arbour his life carefully,UGG ブーツ 店舗, empty city will be a fraud," Ji Ling retreat. Bernanke at the annual meeting of the Fed sang an empty city, neither QE3, there is no other new policy initiatives, even last year, the practice set out the various options, do not bother to mention this year, but extended the next Fed meeting time. Amazingly, U.S. stocks rebound, bonds actually out of a bull market. Bernanke JacksonHole the city wall, incense Caoqin, smiling. Left with a boy, holding a sword, and right there is a boy, holding a stag tail. There are more than twenty people, down sweep, near absence of people. Short generals shocked, "Arbour his life carefully,UGG ブーツ 人気, empty city will be a fraud," Ji Ling retreat. Bernanke at the annual meeting of the Fed sang an empty city, neither QE3, there is no other new policy initiatives, even last year,UGG ブーツ 店舗, the practice set out the various options, do not bother to mention this year,アグ モカシン, but extended the next Fed meeting time
。政策失效之下,经济受制于战后最缓慢、最曲折的复苏,便不难理解。量化宽松政策,的确对资产价格有刺激作用,但是对实体经济(尤其是就业市场)则帮助不大。如果QE2无法增加就业,QE3也做不到,只是徒然增加流动性,为通货膨胀火上加油。财政政策来自白宫,美国的赤字财政因大选还会加码,但是这样做只会为联储添上更大的烦恼。战后历史表明,高负债期间几乎无一例外地出现物价上涨,令货币政策的路越走越窄,直至央行被迫大幅提高利率,收紧银根。非农数据之后,QE3出炉的呼高。就业乃复苏之母,1400万失业人口得不到妥善处置,消费信心势必弱化,投资亦难展开,房地产市场自然举步维艰,经济陷入恶性循环。笔者认为,在各个负面因素中,UGG ブーツ アウトレット,结构性失业和银行“去中介化”,乃是问题的核心,也使货币政策失去了传导机制。联储现在的货币政策,好比试图用绳子来推动眼前的物体,成效可想而知。政策失效之下,经济受制于战后最缓慢、最曲折的复苏,便不难理解。量化宽松政策,的确对资产价格有刺激作用,但是对实体经济(尤其是就业市场)则帮助不大。如果QE2无法增加就业,QE3也做不到,只是徒然增加流动性,为通货膨胀火上加油。财政政策来自白宫,美国的赤字财政因大选还会加码,但是这样做只会为联储添上更大的烦恼。战后历史表明,高负债期间几乎无一例外地出现物价上涨,令货币政策的路越走越窄,直至央行被迫大幅提高利率,收紧银根。非农数据之后,QE3出炉的呼伯南克在JacksonHole的城头,焚香操琴,笑容可掬。左有一童子,手捧宝剑,右有一童子,手执麈尾。有二十余百姓,低头洒扫,傍若无人。空头将领大惊,“阿伯平生谨慎,空城必有诈”,急令退兵。伯南克在联储年会上唱了一出空城计,既没有QE3,也没有其它新的政策举措,连去年罗列出各种选择的做法,今年也懒得再提,只是延长了下次联储开会的时间。神奇的是,美股止跌反弹,国债市场竟走出一轮牛市。伯南克在JacksonHole的城头,焚香操琴,笑容可掬。左有一童子,手捧宝剑,右有一童子,手执麈尾。有二十余百姓,低头洒扫,傍若无人。空头将领大惊,“阿伯平生谨慎,空城必有诈”,急令退兵,UGG ブーツ 正規品。伯南克在联储年会上唱了一出空城计,UGG ブーツ 人気,既没有QE3,也没有其它新的政策举措,连去年罗列出各种选择的做法,今年也懒得再提,只是延长了下次联储开会的时间
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