By: Charles Ponzi

Bill,

A marvelous thought piece, well done you. That said it may be appropriate to contemplate the consequences if QE had not occurred. A bit of an extreme example from the recommendations of US Treasury Secretary Andrew Mellon in the 1930’s is shown below:

“Liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate. It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people.” – Andrew Mellon –