Do You Remember Snow?

We keep talking about monetary policy normalization as if it's "a thing." As if it's feasible. As if it's an option. I've repeatedly suggested it isn't. The drug addiction metaphor for monetary accommodation (and especially QE) is overused to the point of being a cliché. But whereas most clichéd metaphors lose their potency over time by virtue of becoming too ubiquitous, the characterization of the market as an addict seems to become more apt all the time. Each new iteration of stimulus bege