One of the Biggest Money Printers, the BoJ, Stopped Printing Money | Wolf Street

While the Fed has been jabbering about tapering its asset purchases for months and will likely start tapering later this year, and while the ECB is starting to waffle about its QE and is waiting for the Fed to make its move, the BoJ ended QE quietly, regardless of its announcements to the contrary.

Among the global money printers, in terms of sheer volume, the three monsters that really count are the Fed, the ECB, and the Bank of Japan.

A core reason for QE was the “Wealth Effect,” as the Fed calls it, which is central bank doctrine: To inflate asset prices to make the wealthy (the asset holders) even wealthier so that they might spend some of this free money they got from asset price inflation.

The consequences of these crazy policies of 0% interest rates and QE are massive global asset price inflation that risks the financial system and created the greatest economic injustice in recent history, topped off now by raging consumer price inflation. Central banks are going to pussyfoot around the lingo, and they’re not going to admit that they’re responsible for these issues, but they’re ending the money-printing orgy.

One of the Biggest Money Printers, the BoJ, Stopped Printing Money | Wolf Street