Former Fed Quantitative Easer Confesses, Apologizes: "I Can Only Say: I'm Sorry, America" | Zero Hedge

Central planning inevitably fails. It will fail here too. The interventions in the markets by the central banks around the world will destroy many nations and impoverish millions if not billions of people. But we cannot remove the opiates....

And the impact? Even by the Fed's sunniest calculations, aggressive QE over five years has generated only a few percentage points of U.S. growth. By contrast, experts outside the Fed, such as Mohammed El Erian at the Pimco investment firm, suggest that the Fed may have created and spent over $4 trillion for a total return of as little as 0.25% of GDP (i.e., a mere $40 billion bump in U.S. economic output). Both of those estimates indicate that QE isn't really working.

And it really didn't work. But we will pay for it and that is upcoming.

Former Fed Quantitative Easer Confesses, Apologizes: "I Can Only Say: I'm Sorry, America" | Zero Hedge