The short of a lifetime is the Global Debt Crisis coming down the pipeline, this crisis will make all other financial disaster scenarios look like peanuts in comparison.
Japan was the model for what not to do to try and stimulate an economy for 20 plus years, and yet when faced with its own crisis the developed central banks all reacted by copying the one model everybody pointed to as the flawed economic model for stimulating economic growth.
There is a direct correlation between government and central bank debt and deflationary growth trajectories around the world. The fact that central banks believe they have no role in deciding the "New Normal" through effective policy, which in this case means less central bank involvement, is disconcerting to say the least.
It also points to the reason that every financial crisis of the last 20 years has been the direct result of the unintended consequences of central bank involvement here in the United States in the form of flawed Monetary Policy.
Excessively loose monetary policy has major side effects, which escalate with duration of loose monetary conditions, and we are already starting to see these unintended consequences right now with regard to risk taking in financial markets, irrational investment decisions, and debt choices being made by consumers and banks once again in the credit markets.
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