When they look at the Monetary Expansion in the United States since the 2008 collapse of the financial systems worldwide, people are forming their own ideas of the usefulness of such measures, which were by no means new but certainly experimental in their scope.
Several trillion dollars have been pumped into the U.S. economy since then, the 2nd round starting around 3rd August 2011 when there were huge concerns over the Debt Ceiling raise, and when approx. $2.15 Trillion was duly agreed by the U.S. Senate, with bi-partisan co-operation of the Republicans and the Democrats. Another 400 Billion was pumped in under Dr Yellen at the Federal Reserve. Some figures suggest approx. $6 Trillion or so it total has been pumped into the U.S. economy so far, and it has been prudent for Dr Yellen to cut the spigot shaft. The punchbowl being replenished with the Quantitative Easing measures has enriched the people and the corporations, creating many millionaires and multi-millionaires. Whoever could see a way or a product that the people needed or wanted and could fulfil that gap has accumulated rich rewards. Look at the Apple corporation, or Tesla Motors, Bank of America, Dupont, etc, etc.
Even if we look at an average of 200,000 new jobs being created monthly, that equates to at least 2.4 million each year, therefore say over 12 million jobs in the U.S. over nearly six years, with many more overseas where the jobs were outsourced, providing heatmaps of happiness in some of the low-income economies where the Americans mundane and routine tasks are being done online in callcentres, or their goods being produced overseas.
I am a firm believer in the prosperity of the people, and I am very happy to see that the Stimulus in the U.S. was a great success. More people are working, and can afford to take up mortgages on homes and cars, travel, send their children for their chosen higher education, etc. The Stimulus was a success, because it has translated into success and happiness for people. What greater outcome can you seek to say it was an absolute success?
The European Union, especially that part who have the Euro as their currency, now have the happy task of realising that in line with peoples' expectations, it is now essential to start a Stimulus here also. That would actually underpin the Euro, so that the Euro too can stand as other Reserve Currencies, with the capacity to expand to adequately serve a growing population with the nations who subscribe to the Euro. This is the Mother Currency of all these nations, and like a mother has to give milk to all her children, with fairness and equality, although it is a difficult task. In the meantime, the U.S. offering an 'open window' and lending dollars in Paris and Brussels and elsewhere was like a surrogate, and how generous that has been, keeping the Recovery flourishing in Europe.
Now I believe it is time for all the nations who subscribe to the Euro to ask their parliaments to decide on whether a Stimulus in Europe (or Euroland, to specify it) would be okay to go ahead with. Once these decisions are transmitted to Germany, they can weigh it up, and the necessary Sub Clause added to the Treaty. I have previously suggested this process about two months ago, suggesting a timeline of six months, a verdict to be decided by Germany being anticipated by end of February 2015.
Recently a lot of readers from France, Germany, Ukraine have been visiting my website. Few weeks ago, there were lots of visitors from Italy, Netherlands, and Unknown Area. Most of the people are I believe counting on a Stimulus in Europe. It is the Cash Flow they need, to put to use in their lives.
You know how happy a person feels when his bank grants him a loan, or he receives his pay packet? Those happy sentiments are the same, felt by all humanity.
Durudarshan H. Dadlani