The next time you read that central banks have been the heroes of this crisis and monetary stimuli have saved the world, remember…

Print The Bubble.

The reason why capex is poor is that QE perpetuates overcapacity. Growth is poor because QE props up unproductive government spending and -as u said- housing bubbles

Debt accumulation and saver repression are not social policies.

The Global Implementation Of Demand-Side Debt-Fueled Policies Has Made Crises Widespread and More Frequent.

(Bordo et all)

The #Federal Reserve’s Track Record At Making Estimates Is Abismal.

The #ECB and the #IMF’s Are Beyond Atrocious.

Yet almost the entire market starts CIO morning meetings with “The ECB-Fed-IMF estimates are still strong”.

Two generations of market participants have seen nothing but expansive monetary policies.

. No wonder we consider small rate hikes “hawkish”.

. No wonder we find it almost impossible to find value.

. No wonder we believe crises come from small hikes after massive cuts.