It is always a good idea to pay attention to new words or phrases that seem to have no connection with any previous word or phrase, and which are not self-evident. Such a phrase these days is "quantitative easing." When we hear a phrase like this, we should think through the implications of what this phrase probably means. The new phrase may be a euphemism. A euphemism is a substitute phrase for a practice that is considered questionable or even wrong. The new phrase is substituted in order to tone down the contrast between what people regard as right and what they regard as wrong. The phrase "quantitative easing" is a euphemism for monetary inflation. We are told that the Federal Reserve System or some other central bank may soon adopt a policy of quantitative easing. Whoever says this does not want to use the words "monetary inflation." Why not? Because, when people hear the words "monetary inflation," they think that this sounds bad. They think that it means that the government or the central bank is about to indulge itself by expanding the money supply. This is exactly what it does mean.
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