This paper didn't make it past the 30 Rock production team and I have a feeling it would not have made the top of Mr Bernanke's, or any other quantitative easing-inclined central bank's, tivo recording list either.

The likely judgement of QE, according to author and Professor George Bragues of University of Guelph-Humber, of four great moral philosophers:

"Accordingly, none of the moral theories sanction the Fed’s efforts: the Aristotelian view because the Fed’s actions threatens to undermine the virtues of liberality and justice; the Lockean because property rights are violated; the Kantian because the practice of copiously printing money to deal with economic difficulties cannot be logically conceptualized as a universal law and, moreover, it leaves individuals liable to being used as means to satisfy the ends of others; and the utilitarian because the flooding of liquidity overstates the threat of deflation and understates that of delaying the necessary reorganization of the economy. Simply put, the Fed is proceeding on an immoral basis."

Tune in next time when Aristotle, Locke, Kant and Bentham weigh in on the ethics of re-releasing Agadoo (clip, if you must)

Bookmark and Share


Related Posts with Thumbnails