2016-05-18marketwatch.com

``As a fascinating new paper from the St. Louis Fed argues, they are in fact a form of tax. They impose a levy on the banking system that has to be paid by someone -- and that someone is probably us. That may explain why central banks and governments are so keen on them. Hugely indebted governments are always in the market for a new tax, especially one that their voters probably won't notice. But it also explains why they don't really work -- because most of the economics in trouble, especially in Europe, are already suffocating under an impossibly high tax burden.''



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