Money/credit expansion (inflation) is insidious and like an addictive drug. The first effects appear to be pleasant, a seeming increase if not boom in business. Lower interest rates and more available credit encourage businesses to invest in new projects. Employment increases as a result. Unless the monetary stimulus is continued, and probably at increasingly higher doses, the temporary high disappears. Prices rise, purchasing power disappears and much of the investment is revealed as unsustainable.
In short, the above paragraph is what the Austrian Business Cycle Theory is all about. The boom actually lays the conditions for the following bust. Steve Saville provides more detail on the effects of easing monetary policy in his article The Insidious Effects of Monetary Inflation.
He explains why monetary easing is popular:
Most people with a basic grounding in economics know that increasing the supply of money leads to a fall in the purchasing power of money. However, this is as far as most people’s understanding goes and explains why monetary inflation is generally not unpopular unless the cost of living happens to be rising rapidly. Monetary inflation would be far more unpopular if its other effects were widely understood. We list, herewith, some of these other effects.
To see his list of negative effects, read his short article. It will help you understand what is happening today and why monetary easing cannot help.
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