“Cheap money can’t buy a strong economy” – R. Samuelson This posting argues that the monetary policy implemented by the Federal Reserve has limited influence on the level of employment in the economy.  First, here’s some background. A few years ago, Mohammed El-Erian, author of The Only Game in Town, argued that pressure was being … More Is The Federal Reserve The “Only Game In Town”? If So, How Effectively Can It Play Its Limited “Cards”?