By 1997 the federal government was accepting 40% of its tax revenues in non-monetary form and protesting furiously the while.
Gold, which jumped on the news, is poised to benefit from additional easing and the possibility of further monetary stimulus in the form of QE3.
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While excessive disinflation can lead to deflation, it also gives Bernanke maneuvering room if he wanted to unleash further monetary stimulus in the form of quantitative easing.
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It seems certain that the Federal Reserve will continue to accompany fiscal stimulus with the monetary equivalent in the form of near-zero interest rates and further quantitative easing.
They give up monetary management, and have some form of value peg.
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If the Brazilian government believes a new round of monetary easing is coming in the form of a QE3 in the U.S., then it is most certainly concerned that the Brazilian real will strengthen.
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The best thing this chancellor of the exchequer did and most likely ever will do was his very first act as finance minister: he gave the Bank of England a huge piece of his job, in the form of operational control of monetary policy.
Opinion is divided among analysts as to whether the Bank of England is likely to push ahead in its next monetary policy meeting with more monetary stimulus - likely to come in the form of further purchases of government debt with newly created money, or Quantitative Easing.
He wants it to form a coherent part of the ECB's monetary policy machinery, rather than an awkward add-on, like the SMP.
And some form of shock or other force pushing prices higher or lower might inspire a monetary policy response.
Expectations are that these countries will likely provide help through the International Monetary Fund, of which they are all members and have money to lend in the form of IMF Special Drawing Rights.
There was also clearly a certain amount of safe-haven buying by those concerned with monetary policy in the United States and loosening of monetary policy by the European Central Bank, encouraging purchases of physical silver in bar or coin form.
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And even reasonable choices such as the rich world's mix of fiscal austerity and loose monetary policy will have an uncomfortable impact on small, open emerging economies, in the form of unwelcome capital inflows.
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