Zero Hedge: “As Reuters’ Howard Schneider summarized in his Jackson Hole post-mortem, “mired in a world of low growth, low inflation and low interest rates, officials from the Federal Reserve, Bank of Japan and the European Central Bank said their efforts to bolster the economy through monetary policy may falter unless elected leaders stepped forward with bold measures. These would range from immigration reform in Japan to structural changes to boost productivity and growth in the U.S. and Europe.”
Opinion: The Jackson Hole conference of central bankers from around the world presented a menu of exotic monetary solutions:
- Fed takeover of short-term debt markets
- Abolishing cash
- Negative interest rates
- Open immigration
- Abandon monetary policy altogether and focus on urging runaway deficit-spending
Dueling theories that make no sense bring to mind the catch-phrase from the 1970′ TV series Lost In Space, as the Robinson family faced strange alien encounters, their robot would warn … “Danger Will Robinson”.
And when a room full of Keynesian economists who have never run so much as a lemonade stand get together to decide how to handle roughly two-thirds of the world’s money supply, the catch-phrase beginning with the word danger is appropriate.
If you look back up at the 4 bullet points again, you’ll notice that none suggests that debt is the problem.
Moses knew that (Deuteronomy 15:6), and so did Solomon (Proverbs 22:7), who some say was so wealthy that in today’s terms he would be a trillionaire.