The Psychological Effects of Extreme Monetary Policy

Central bankers have treated every recession over the last 20 years with monetary policy that encourages greater debt creation. It seems obvious to me that this extreme monetary policy is not having the desired effect, which would be self-sustaining recovery. Why do you think it's just a psychological phenomenon that they refuse to accept that reality or something else going on? I don't know, I suspect it's a combination of the two.

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