Quoted from an article in today’s WSJ on where monetary policy has led us:
The weakest recovery in the post-war period was bought with a fiscal policy that doubled the national debt held by the public and a monetary policy that expanded the monetary base at a rate not approached in the modern era. The monetary expansion that started as a response to the subprime crisis has evolved into a prolonged and largely unsuccessful effort to offset the negative impact of the Obama administration’s tax, spend and regulatory policies.
Never in our history has so much money been spent to produce so little good, and the full bill for this failed policy has yet to arrive. No such explosion of debt has ever escaped a day of reckoning and no such monetary surge has ever had a happy ending.