A Full Trunk Of Combustible Junk——The Wages Of ZIRP And Folly Of Illiquidity Transformation

Shuffling uncomfortably with paint brushes in hand in the tight monetary corner into which they have painted themselves, our monetary suzerains are about to demonstrate the folly of their seven-year stint of “extraordinary” policy accommodation. Even as ZIRP and QE have failed to rejuvenate the main street economy, they did trigger a far-reaching scramble for yield that has now left the casino […]
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