'credit easing' resembles quantitative easing in one respect.

We shall ease thee unto the Easing.

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We shall surely ease him to the Path of Easing

Accept the easing, order with fine jurisprudence, and avoid the ignorant.

He's saying it's not quite quantitative easing, although it really is.

So, just to parse the statement, when he says, credit easing resembles quantitative easing in one respect it involves an expansion of the central bank's balance sheet.

Frictions between Japan and the U.S. are easing up for a change.

I come to you with a modest proposal for easing the financial burden.

And they're saying, look, quantitative easing is just this idea of expanding that balance sheet.

So he's saying in traditional quantitative easing, the central bank says look, I just care about printing money

To get a better understanding of quantitative easing in the American context, especially the context that Ben Bernanke is talking about,

So in order to fix that credit easing, in Bernanke's sense, would be to go out and buy this type of asset.

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And in Bernanke's mind, although that's exactly what he's doing he's printing money to buy other things than what the Fed traditionally does, when it cares about the overnight borrowing rate, he calls it, not necessarily quantitative easing, but credit easing, and in his mind, even though mechanically they're the same thing, in his mind, he's saying, Look, I'm printing this money

Indeed, although the bank of Japan's policy approach during the quantitative easing period was quite multifaceted, the overall stance of its policy was gauged primarily in terms of its target for bank reserves.

In contrast, the Federal Reserve's credit easing approach focuses on the mix of loans and securities that it holds and on how this composition of assets affects credit conditions for households and businesses.

And this non traditional type of intervention, where the Fed is no longer concerned about a target rate, because the target rate is already at zero, where the Fed is not purchasing short term debt, but is trying to buy longer term debt, things further down the yield curve, and maybe things that aren't Treasury securities to begin with, maybe they're starting to buy corporate debt, maybe they're starting to buy mortgage backed securities, this is called quantitative easing quantitative easing.

But what the federal reserve is saying, in traditional quantitative easing, all the central bank cares about is printing this money and getting it out there into circulation, and they don't really care what they're using this money for.

However, in a pure quantitative easing regime, the focus of quality is the quantity of bank reserves, which are liabilities of the central bank the composition of loans and securities on the asset side of the central bank's balance sheet is incidential.

Or, it could even buy completely different assets, it could maybe buy mortgage backed securities, and the point here isn't just to increase the money supply the point in quantitative easing is maybe to kind of smooth over what's happening in certain parts of the market and so they thing that there's log jam in the mortgage backed security market that's why they're participating there.