The Ethics of US Monetary Policy in Response to the Financial Crisis of 2007-2009
In the ninety-six years since its founding, the U.S. Federal Reserve (Fed) has never been so daring, aggressive, or ground-breaking in its policymaking as it has in response to the current financial crisis brought upon by the collapse of the U.S. housing market. The Fed has slashed the interest rates under its control to practically zero, provided funds more freely and lavishly than ever before to a greater range of financial institutions and players, in addition to expanding swap lines with other central banks in order to inject liquidity into U.S. dollar markets world-wide. Most extraordinarily, it came to the rescue of various companies whose bankruptcy was deemed to pose a threat to the entire financial system.
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