In fact, quantitative easing or qualitative easing is essentially an excuse for the U.S. imperialists to print money, which is just to turn some maturing national debt into long-term national debt to avoid danger. In essence, there is still a little liquidity to turn around. However, in sensitive developing countries, it is disgusting that the United States is lax.

The first quantitative easing

After the collapse of Lehman Brothers in September 2008, the Federal Reserve quickly introduced quantitative easing policy. In the following three months, the Fed created more than 1 trillion dollars in reserves, mainly by lending the reserves to its subsidiaries and then directly purchasing mortgage-backed securities.

These reserves, which exceed the legal provisions, are held by banks voluntarily. Banks are willing to hold these excess reserves because they want to show regulators and investors that they have enough liquid assets to make up for potential loan losses or meet any other liquidity needs.

The process of creating these excess reserves at the end of 2008 is often called the first quantitative easing (QE 1), and its key purpose is to stabilize the banking system. These excess reserves make it unnecessary for banks to restore liquidity through loans.

Bernanke took this action because he had learned from the mistakes made by the central bank in the 1930s. The failure of the Federal Reserve to provide excess reserves to banks during the crisis was the main reason for the collapse of the American banking system during the Great Depression.

The second quantitative easing

Since April 20 10, when American economic data began to disappoint and entered a faltering recovery, the Federal Reserve has been under pressure to introduce another quantitative easing policy: the second quantitative easing (QE2).

In August this year, Bernanke opened the door for the second quantitative easing at a gathering of Fed officials in Jackson Hole. But he also cautiously pointed out that quantitative easing is not a mature remedy.

Moreover, not everyone supports quantitative easing. Charles RalfLose, president of Philadelphia Federal Reserve Bank, and Thomas Honegger, president of Kansas City Federal Reserve Bank, have been disagreeing with Bernanke all this year, and they have shown strong doubts about quantitative easing.

But Bernanke has been trying to win the support of members of the Federal Open Market Committee. The statement issued after the last closed meeting opened the door to the second quantitative easing, pointing out that the Fed believes that the inflation rate is lower than the target level, which is inconsistent with the Fed's task of maintaining a high employment rate.

With the continuous release of weak economic data, the possibility of the Federal Reserve implementing quantitative easing policy has become more and more obvious.

The third quantitative easing (QE 3): Since the end of June, 2065438+00, the employment data and other economic data in the United States have been close to collapse, and the recovery is hopeless. In order to cope with the unpredictable crisis, the Fed has to start another round of quantitative easing: QE3, or implicit. Americans may think that debt defaults in Europe and Greece may drag the US economy into recession again. In fact, the nature is that the excessive issuance of American currency reduces its international credit, and a large number of bonds are issued, which greatly reduces the ability to perform contracts and makes it possible to default on debts.

The stimulus of printing money in the United States is "unstoppable", and the re-exposure of hidden bad debts will be the fuse to detonate the dollar bubble. The economy has been stimulated by the "dollar medicine" again and again, and then tends to decline. The dollar system has been unable to support the long-term excessive overdraft in the United States. At present, the U.S. government hopes to pass on this risk, or let other countries raise interest rates to curb inflation, and then raise interest rates again, and the renminbi and other currencies will continue to appreciate, which is also a manifestation of the collapse of the dollar to some extent.

"The United States may also adopt a war mentality", start the most powerful military machine in the world, provoke disputes and disrupt the world, and various economic orders will cease to exist. It may establish a new order that is beneficial to itself and establish another dollar hegemony through strength again.

Fourth Round of Quantitative Easing Policy (QE4) On February 2, 20 12 local time, the US Federal Reserve announced the fourth round of quantitative easing monetary policy (QE4) to further support the economic recovery.

The United States launched the fourth round of quantitative easing, and the foreign exchange market fluctuated.

And the labor market. The Fed is still worried that without adequate policy easing measures, the momentum of economic growth may not be enough to continuously improve the labor market. Therefore, the launch of the fourth round of quantitative easing monetary policy (QE4) by the Federal Reserve will make the global low-interest environment and abundant liquidity last longer, which may bring inflation and asset price pressure to emerging market economies again.