The Asymmetry of Ineffective and Worthless QE

The Asymmetry of Ineffective and Worthless QE
(Jim Lo Scalzo/Pool via AP)

Compared to the utterly turbulent world of today, 1990 wouldn’t really rate all that high on any reasonable scale of years to remember. Saddam Hussein’s Iraq would invade Kuwait kicking off the Gulf War, sure, but thirty-one years later the costs of its legacy absolutely drown the original episode rendering it an almost forgotten footnote; a quaint association, at most.

There was also a recession which began almost concurrently with the foreign military operation. No more than correlation in time, the contraction was an especially mild as well as brief one following what had been nearly a decade of unqualified and unbroken prosperity. In the landscape of historical business cycles, the 1990-91 recession sits at the bottom of any list of those to remember.


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