Authors:

  • Niall Ferguson

Excerpt

Rehab World. Niall Ferguson, January 8, 2014, Opinion. "Perhaps we should call 2013 the year of Winehouse economics. As the late English chanteuse Amy Winehouse sang: “They tried to make me go to rehab, but I said ‘No, no, no.’” In 2013, the singers were the world’s most important central banks, led by the Federal Reserve. In the summer, both the Fed and the People’s Bank of China signaled their intention to normalize monetary policy. Fed Chairman Ben Bernanke talked openly of “tapering” the Fed’s policy of open-ended bond purchases, also known as quantitative easing (QE). PBOC Governor Zhou Xiaochuan actually did try to rein in his country’s runaway credit growth..." Link verified March 28, 2014