Sartre famously wrote, "L'enfer, c'est les autres" (“Hell is other people"). In his recent speech, Fed Vice Chairman Stanley Fischer, assisted, as he says, by William English of the Board's staff, supplies an example of hell being the "other policy." The last substantive paragraph of Fischer’s speech…
Some weeks ago, I made some critical observations concerning the Fed's contribution to the recovery. In particular, I complained that, despite the decidedly mixed and ambiguous results of empirical assessments thus far, the view that Quantitative Easing has been a smashing success seemed well on its way…