Nov. 19, 2020 12:31 pm ET
The coronavirus may have blind-sided our health-care system, but the Federal Reserve was ready with the same miracle cure it now prescribes for almost every financial emergency. Quantitative easing is the technical name for it, but the basic idea is to create a lot of money—about $3 trillion so far in the pandemic era. This quick fix for an economic calamity is intuitively appealing to politicians and more than a few economists, but ordinary common sense is apt to be mystified.
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