Global monetary policy has been “ultra-easy” for many years. Yet it is becoming clear it is now caught in a debt trap of its own making.
Continuing on the current monetary path is ineffective and increasingly dangerous. But any reversal also involves great risks. It follows that the odds of another crisis blowing up continue to rise.
It is to be hoped that the preparations being made by policymakers to manage such a situation are evolving at the same pace. Simply crossing your fingers and praying that “it might never happen” would seem imprudent, to say the least.
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