Johan Schück Makes The Same Observations As Me-Only Later
First, last week he noticed that the U.S. economy may already be in a recession, an observation I made in early December.
Now, he notices that with regards to monetary policy America is more interventionist than Europe, an observation similar to the one I made two year ago how while the micro economic policies of America is better (less interventionist) than Europe's, its monetary policy have been worse (more interventionist/inflationist) than Europe's. Although, they don't practice this consistently, in theory European central banks don't even see it as their job to stabilize the business cycle. Although they again in practice often in fact do try to intervene to prop up the economy they don't do it as much as the Fed do. As Schück puts it:
"In the United States, there is a belief in the possibility of controlling the business cycle, while the experience from Europe is that activism of that kind rarely pays off. That is not consistent with the general belief that Americans want to limit the role of government and the attitude is the opposite among Europeans"(Translated from Swedish by me)