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Monetary Policy Has Failed – Here’s the New Hustle

Monday, October 3, 2016 6:10
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acting-man.com / Bill Bonner / October 3, 2016

Epic Fail

We were shocked to see in the Financial Times – yes, the “pink paper,” no less! – a sensible article on current central bank policies. Our heart raced. Our pulse sped up. A light sweat gathered on our forehead. What is going on? we wondered.

***

The Financial Times is the mouthpiece of the international Deep State. It is solidly behind Hillary… NATO… the EU… QE… ZIRP… NIRP… the phony credit dollar…  and just about every other cockamamie perversion of civilized life.

And yet, there it was… in Monday’s edition. William White, head of the OECD’s economic development review committee:

“The monetary stimulus provided repeatedly over the past eight years has failed […] Debt levels have risen […] Consumers have had to save more, not less, to ensure adequate income in retirement.

At the same time, easy money threatens two sets of undesirable side effects. First, current policies foster financial instability… and many asset prices bid up to dangerously high levels. Second, current policies threaten future growth. Resources misallocated before the crisis have been locked in through zombie banks supporting zombie companies.

On the demand side, accumulating debt creates headwinds, leading to more monetary expansion and more debt […] On the supply side, misallocations slow growth, which again leads to monetary easing, more misallocation and still less growth.”

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The post Monetary Policy Has Failed – Here’s the New Hustle appeared first on Silver For The People.

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