Quantitative easing isn't magic | James K Galbraith

It is unrealistic to expect central banks like the Fed and the ECB to solve our deep economic problemsWhat should we make of the latest moves to kickstart the US economy, and to save the euro? As the late, great Harvard chaplain Peter Gomes said to my graduating class many years ago, about our degrees: "There is less there than meets the eye."Quantitative easing, the third tranche of which was announced in the US last week (QE3), is just a fancy phrase for buying bonds, notably mortgage-bac...