Greenspan: "QE3 Would Continue Erosion Of The Dollar"

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Greenspan: "QE3 Would Continue Erosion Of The Dollar"

Post by sWamp-Ass on Wed Sep 19, 2012 8:28 pm

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"So a QE3, I'm certain, would continue with the erosion of the dollar. That's the channel by which I would see it impacting the economy because what we find is obviously in the data, that the wealth effect is a very significant determinative effect of GDP and employment,"
former Fed chair Alan Greenspan
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"There is no evidence that huge inflow of money into the system basically worked.

"It obviously had some effect on the exchange rate and the exchange rate was a critical issue in export expansion. Aside from that, I am ill-aware of anything that really worked. Not only QE2 but QE1.

I would be surprised if there was a QE3 [because it would] continue erosion of the dollar."
Allan Greenspan’s comments came as the Fed ended the second installment of its bond-buying program, known as QE2, after spending $600 billion. There were no hints of any more monetary easing—or QE3—to come at this time [/quote]

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