So says Jeffrey Snider, here:
Central banks can proclaim that banks and the economy are one and the same, but that does not make it true. Again, there was no real danger of deflation in the real economy as currency, as in the usage of money to transact, was never in short supply. What has been in short supply, and remains in short supply, are sustainable streams of real income due to productive activities - the kinds of activities that have a hard time flourishing under continuously dysfunctional monetary regimes.
