"We concluded that the monetary forces that were arising in the world globally had become so overwhelming, relative to the resources of central banks, that we had effectively lost control of long-term interest rates and the forces directing higher prices and homes, " he said.
And forces for monetary reform are very much in motion.
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So the central bank of the European Union, and the International Monetary Fund, joined forces to kick the problem down the road by providing loans that would allow Greece to make its upcoming debt payments.
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These conditions did not arise as a result of market forces, but from foolish monetary, fiscal, and regulatory policies that distorted market forces.
Restoring real monetary integrity engages all the hidden forces of economic law on the side of prosperity.
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These macro possibilities are deflationary, but the repeated government fiscal and monetary stimulus efforts to address these macroeconomic forces are inflationary in nature.
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But Fisher took both theories to task, arguing that during periods of debt deflation, the forces of deleveraging outweigh the effects of monetary and fiscal stimulus.
With all these forces in play, why not make a serious monetary experiment using Cyprus?
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Monetary policy is the most recondite yet most pervasive and powerful of economic forces.
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Artificial forces are at play from government policy (taxes and spending) and monetary policy (inflation and interest rates) that distort return expectations based solely on past data.
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It may be that other, temporary forces, such as the lack of private borrowing or the Fed's easy monetary policy, are offsetting any worries about deficits.
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More than a year ago Hanke explained that Brazil's Plano Real, which pegged its currency to the dollar, dangerously quashed free market forces by giving the central bank the power to set both the exchange rate and monetary policies.
Artificial forces are always at play from government fiscal policy (tax and spend) and central bank monetary policy (inflation and full employment).
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Some are already timidly criticizing the International Monetary Fund, the speculators, the capital flows across borders, the right of the self-appointed market forces to discipline elected governments.
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