Monday, September 12, 2016

It's not going to be pretty

We have a situation where most people in Europe and North America have seen declines in their purchasing power for over a decade.

When we get enough perspective—we’re going to find that this whole situation with negative nominal interest rates and with very aggressive monetary policy—has not done much for economic growth, [with] all the confusion this has created.

I wish we could pull out the crystal ball and see what is going to come out of this. I rather suspect that it’s not going to be pretty to go through.