If people are depressed and scared, as they have been in Japan, there are limits to monetary policy. It comes down to people making personal decisions.
More Quotes from Warren Bailey:
Anything the central bank buys constitutes an asset and allows it to expand its liability of money supply.Warren Bailey
When we had the tax cut a while back, people put it in the bank. The Fed can open certain gates, but it can't necessarily force the water to go through.
Warren Bailey
You want to grow as fast as possible, but when you do that the ups and downs are huge. If the government contracts the economy in advance in a mild way, that makes those ups and downs less onerous, and spares us a lot more pain down the road. That's why they're raising rates.
Warren Bailey
It's not that the Fed is trying to break up the party, it's that they're trying to keep it under control so there's enough to go around for everyone. Inflation is a signal that we are running out of some kind of resource.
Warren Bailey
Ten or 15 years ago the IMF and the World Bank were out there making little loans here and there, but they weren't out saving the world, ... They've been unfairly criticized of doing a bad job.
Warren Bailey
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