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Osborne is pushing on a string.
Until they do, some economists argue that the Fed is pushing on a string.
Keynes pointed out 70 years ago that, when an economy is in a "liquidity trap" and monetary policy is "pushing on a string", a fiscal stimulus can boost demand.
If we look at this as normal Fed policy in abnormal times, then we are back to another fear being raised now, that the move will not do much good because the Fed is "pushing on a string" and sending liquidity into an economy that will not make much use of it.
Saudi Arabia is pushing on a string to maintain production at current levels.
This is an industry that is pushing on a button marked "up".
Similar(54)
Mr. Levin is pushing on an open door.
Clegg is signalling he will press hard to change the health reforms, an issue on which he is pushing on an open door with Cameron.
An unconscious horse, lying on its back with a tube coming out of its mouth, is pushed on a trolley at high speed.
In 1960, though, Macdonald was pushing on a door where there was still some resistance.
That's the bottom line: the Fed controls credit conditions, except when we're in a liquidity trap and it's pushing on a string.
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