“...The Fed may have backed itself into a corner. They should have absolutely raised rates six months ago,” adding it’s difficult now because of global concerns.”
http://www.cnbc.com/2015/09/27/-of-potential-looming-catastrophe.html
I don’t think they could have done it then, either. Continued raising would not have worked after that and lowering again would show them directly responsible for the setback and any confidence would have been erased.
They have never had anywhere to go after 2008. And making sure that less Americans are working, has them short-circuiting their own lifelines.
When the music stops, I think they’ll only have “electronic cash” to offer. This will be their final “monetary” medium. Shoot, most of it already is.