Loading ...Why am I ranting and complaining about all this?
Well, for one, I don’t like being lied to and a concerted effort of deception is what the entire central banking cabal is engaged in during every policy meeting and press conference as they keep dancing about a key truth: With a fragile global economy the world is one confidence sapping 10%-20% market correction away from triggering a global recession. Central banks know this. Preventing this is the prime directive. Everything else is noise.
And unaccountable policy failure they keep doubling down on policies that have prompted record wealth inequality spurred not by growth in the larger economy but by growth in vast asset price inflation benefitting the very few:
Come on. Get real. QE infinity will not produce growth and neither will more negative rates. At best they can hope for is prevent a major market sell off to trigger a confidence bust leading to a recession. But the jury on this remains out. All new highs over the past 18 months have been sold. All highs have come on central bank promises. As we are making new highs on the heels of the ECB decision and perhaps the Fed next week the question of efficacy will reveal itself.