To me, a cut now would just entice households to go deeper into debt, and that game has a limit to it.
More Quotes from Paul Kasriel:
Nobody wants a strong currency, and since the U.S. currency is fundamentally weak, foreign central banks need to buy up dollars to keep their currency from appreciating.Paul Kasriel
O'Neill was like the offensive line of the Green Bay Packers playing in a dome -- they can't hear signals. O'Neill couldn't hear the signals the White House was sending, and they got rid of him. Presumably, Snow has better hearing.
Paul Kasriel
When you print money, it's going to inflate some asset price. Maybe we'll revert to the late 1990s and buy stocks with it.
Paul Kasriel
Up until 2000, households in the post-War period had never experienced a decline in their net worth on a year-end to year-end basis, ... But they did in 2000, they did in 2001, and they're on course for it again in 2002.
Paul Kasriel
He goes up to Congress, and they ask him questions about everything except monetary policy. It's unprecedented that a central banker is sort of viewed as an omniscient economic policy czar. It's not his responsibility.
Paul Kasriel
Since central banks aren't letting their currencies appreciate against the dollar, that implies that all the currencies will depreciate against gold and commodities in general.
Paul Kasriel
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Now comes the mystery.
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