‘Decade of the central bank’ ends with the Fed and its global cohorts in need of some new tricks
Kevin Lamarque | Reuters
On Nov. 25, 2008, the Federal Reserve launched the shot heard around the financial world.
The U.S. central bank announced it would start using digitally created money to buy mortgage debt in an effort to drive down interest rates and resuscitate a dead housing market.
Along with a series of cuts that ultimately would take short-term interest rates close to zero, the move…