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Ben Bernanke's Gift to Africa
There’s no paucity of warnings about unintended consequences of the unprecedented monetary policy of the Bernanke Federal Reserve. After all, four years of zero interest rates followed by at least three rounds of freestyle easing have injected trillions into global capital markets. Are high-yield bonds now too junky? Should banks actually be penalizing customers for giving them too much in the way of super-cheap deposits? What of the widening of the gap between the Have-Nots and the Kardashians? But how cool would it be if the era of QE3 is unintentionally doing Africa, the world’s most developmentally stunted ... (full story)