Quantitative easing is broken.
Central bankers have fought the crisis with low interest rates and asset purchases. This playbook has worked in the US but failed in Europe and Japan, due to their bank-centred financial systems and ageing demographics.
Today, there are signs that central bankers are growing increasingly uncomfortable with this cycle of QE infinity and more aware of its collateral effects. The tide is turning, and I believe we will witness a radical shift in policy.
