If you have the time and patience to read through this paper that has been linked via Scribd, you will find insight to what an associate (advisor) of the Dallas Fed thinks about the current state of monetary policy. Simply put he does not have the greatest amount of confidence. The paper is authored by economist William White.

28 August 12, 9:55 GMT – P.S. – It has been pointed out to us that although this paper is associated (via an advisor) with the Dallas Fed that it may not share the opinions of Mr. White.  Please find this copy of Mr. White’s credentials as listed on the paper:

*William R. White is currently the chairman of the Economic Development and Review Committee at the OECD in Paris. He was previously Economic Advisor and Head of the Monetary and Economic Department at the Bank for International Settlements in Basel, Switzerland. +41(0) The views in this paper are those of the author and do not necessarily reflect the views of organizations with which the author has been or still is associated, the Federal Reserve Bank of Dallas or the Federal Reserve System.

28 August 12, 20:33 GMT – P.P.S. – please note the word Advisor has been inserted after the initial posts per discussions in the comments section regarding this linked article and entry into the Digital Markets Advisor analysis blog.