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3min chapter
Liquidity Has Fallen Off A Cliff | Joseph Wang & Michael Howell
Forward Guidance
Central Banks Wrongly Cut Interest Rates
Central banks kept interest rates way too low coming out of the recession. They read that as being a monetary deflation risk, and therefore they paniced. But it was actually cost iflation caused by china entering the world trade organization. As they cut interest ragts, it encouraged more and more and more debt to be taken on. And i just go back to the old irish joke about the lost traveller - you don't want to be starting hereesarzumin on that point.
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