From today’s Open Europe news summary:
The FT reports that the IMF will today urge the ECB to consider US-style ‘quantitative easing’, including “large scale” purchases of government bonds, to tackle low inflation and boost growth in the eurozone.
More monetary madness from the Keynesian fanatics at the IMF. Actually, there is much to learn from the IMF…just do the opposite of whatever it recommends. The IMF opposes all of the following free market policies: cut government spending; restore sound money; reduce taxes; reduce regulations. These are the four pillars of economic recovery, because they allow the private sector freedom of price discovery and freedom of social cooperation under the division of labor. Of course, such a policy would mean that the haughty bureaucrats at the IMF, the ECB, the Fed, etc. would lose their jobs. My advice to them—get a real job, if you can, and don’t let the door hit you in the keister on the way out.