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Policy Failure, Ammo Shortages And The ‘Who Pays For It?’ Problem
A simple read on falling inflation expectations and persistent undershoots relative to target, is that central banks have failed to deliver on their mandates.
That makes for nice headlines. "Here's proof that central banks have lost credibility", Etc. You've seen the like.
Of course, there's some truth to that. But the flipside is that in a world where central banks have been forced to double down on the dovishness amid a deterioration in the outlook for the global economy and the above-mentio
In an ideal world there now would be more reliance on long run good policy and fiscal stimulus, and far less on monetary policy. Central Banks warded off a depression and did their jobs. Central governments have failed miserably on the fiscal and long run policy points. It is worldwide- US, UK, EU, Japan…the list is long