monetary stimulus won't work. >> let's talk about the monetary stimulus particularly the fed, what should the fed do? >> this is the policy we've only fr seen before in world war ii but it's being applied at a peacetime. an economy without all the controls during the war. can this go on forever? clearly not. this is an emergency policy for an emergency situation and all ben bernanke has ever said is when the recovery is clearly established, when we've achieved what we're happy with, then we will have to dial this down. the taper means not stopping the policy, it means just buying a little less than 85 billion a month, maybe 84 or 83, but that's going to happen unless you are one of these people who imagine the policy goes on forever which i don't think any serious person does. the problem is, and this is really crucial, whatever ben bernanke says, whatever his successor may say will be interpreted with a kind of manic intensity by markets because it