Fed Chairman Ben Bernanke came out with an eagerly anticipated statement from Jackson Hole on Friday saying that for the time being the Federal Reserve would be doing nothing to help spur the US economy onward and upward.
He did say however that he has " a range of tools" at his disposal. Very cryptic Fed speak from a man who knows that the world hangs on his every word.
What are these "tools" he speaks of? What is left for the Fed to do that it already hasn't done beyond more quantitative easing after the one trillion plus already in the system did absolutely no good?
Besides saying what he said which seemed to have the effect of either placating the markets or that simply inspired a bout of short covering, it seems to me all he really has would be more QE3!
While we will all have to wait and see what it is the good Fed Chairman is talking about, here is a replay from November, 2010 of the animated explanation of what quantitative easing actually is.
What is quantitative easing?
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