The Federal Reserve’s grand experiment is a flop. Not only has the second round of quantitative easing roiled markets, but it has become a lightning rod for debate in Washington, academia, and in policy and political circles around the world. The US central bank’s uncharacteristic defensiveness has only deepened the suspicion – putting over 30 years of hard-won credibility and independence at risk. Sadly, this backlash is well founded. The Fed is running a real risk of destabilising a still precarious post-crisis world.
美联储(Fed)的伟大实验惨遭失败。第二轮定量宽松(QE2)不仅扰乱了市场，而且成为美国政府、学术界以及manbetx app苹果 政策和政治圈子辩论的焦点。美联储异乎寻常的防御姿态，唯一的效果是加深了人们的猜疑——将30多年来之不易的信誉和独立性置于危险之中。遗憾的是，这种激烈反应是有充分理由的。美联储确有可能影响仍处于动荡之中的后危机世界的稳定。
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