Article discreditng the thesis that Mao "killed millions of people" in The Great Leap

[kandrathe]

This is the stagnation we've been in under Obama. Fed monetary policy made it more lucrative to just leave the money in the bank. The Feds paid them to just leave it alone with zero risks.

No.

See that flat line at (nearly) zero since 2008? That's what Fed policy pays capitalists to leave their money in the bank: nothing. And that's zero *nominal* - if there is even mild inflation, you get less than nothing.

Whatever else, this is obviously not the right narrative about why investment has been slow to recover.

Yes, the rate is low... but... since the change in 2008 to pay interest on reserves, ( https://www.federalreserve.gov/monetaryp...lances.htm ) at 0.75%



A small rate on a large pile of cash is merely profit, at US taxpayer expense.

http://www.frbsf.org/education/publicati...-reserves/