"I expect that the U.S. economy is presently entering a
recession, which is global in nature. It is unlikely to respond
meaningfully to monetary stimulus, which has already gone well past the
point of diminishing returns, and on to the point of recklessness.
"At present yields, a further round of QE would essentially amount to fiscal
policy, subsidizing bond market speculators and banks, and ultimately
producing near-certain losses for the Fed, after interest, and at
public expense." John Hussman, Ph.D.
