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

[Jester]

Well, I'm not looking for anything drastic. I just think they just let the rate go too low, for too long, without fiscal policy stimulus to shore it up. The Federal government (i.e. Congress / Obama ) err'd on too much reliance on monetary policy, without enough fiscal policy stimulus. The first 2009 stimulus was not very stimulating, and was not sustained enough to recover the economy.

I certainly agree with you there. But conditional on congress being unwilling to pass further fiscal stimulus, the correct stance of monetary policy is to keep rates low until the economy recovers, or inflation kicks in. More from congress would certainly have been nice. We'll see what happens now - bond markets have certainly come to the conclusion that the Federal Government is about to loosen the purse strings.

-Jester