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Strategies & Market Trends : John Pitera's Market Laboratory

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kimberley

sixty2nds

To: John Pitera who wrote (18139)	4/21/2016 10:57:14 PM
From: Chip McVickar	2 Recommendations of 33421

John - Zero rates are a Significant Mistake... I thought this article on the 2nd page of the A section in April 21 WSJ was fascinating... "Canada does Global Economy a Favor" wsj.com Buried in the 5th paragraph is a note from the architect of zero interest rates Larry Summers ... this guy has to be a total jerk, he's not worth the paper his thoughts are printed upon. The IMF is in there too... Now Summers is arguing for fiscal stimulus... by pushing interests rates higher How the central banks will ever dig themselves out of this stupidity starts with ignoring Larry Summers A new paper by Gauti Eggertsson and Neil Mehrotra of Brown University and Larry Summers of Harvard University warns that such actions become a zero-sum game in “secular stagnation,” when interest rates are near zero and central banks can no longer restore full employment. Instead, easier monetary policy works mostly by bolstering exports and dampening imports, inflicting “negative externalities”—collateral damage—on a country’s trading partners.

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