Loose monetary policy can appear to work so long as real wealth is expanding. But money expansion weakens wealth creation over time, eventually leading to slower growth, lost wealth, and economic busts.
"Herein lies the key to changing society — changing public opinion or people's preferences toward government. And the only way people are likely to change their preferences is through education and persuasion; force is ineffective."
Contrary to popular thinking, we do not need the central bank to stabilize prices in order to promote economic prosperity. The central bank can neither know the "correct" level at which to stabilize prices, nor can it know the right way to do it.