Summary
THE TIMES Gerard Baker: The move indicated the gravity of the crisis and the failure of all those previous efforts to turn things around. With short-term interest rates now at zero, the central bank can no longer cut rates to stimulate the economy. Instead it can in effect print money, by buying up all kinds of assets, and flooding the economy with cash.
THE DAILY TELEGRAPH Richard Fletcher: While Mr Bernanke may have been caught flat-footed by the onset of the credit crisis in the summer of 2007, he has since moved with impressive speed. It is not yet clear whether the US is sliding into a deflation trap, but the risk is grave enough to justify radical measures as insurance against a potentially disastrous chain of events.See the full content of this document
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What the Papers Say
FINANCIAL TIMES Martin Wolf: C...
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