02/24/2016 - David Stockman: Negative Interest Rate Policy Is The Great Political Inflection Point
David Stockman writes a scathing assessment on central bankers .. “For several years now the small coterie of Keynesian academics and apparatchiks who have seized nearly absolute financial power through the Fed’s printing presses have justified the lunacy of unending ZIRP and massive QE on the grounds that there is too little inflation .. The whole 2% inflation mantra is just a smokescreen to justify the massive daily intrusion in financial markets by a power-obsessed claque of monetary central planners. They just made it up and then rode it to ever increasing dominance over the financial system .. The negative sign of NIRP will be the great political inflection point. The negative sign will be the flashing neon lights announcing that the government is confiscating the people’s savings and wealth. So when they actually try to go to NIRP in the neighborhoods, the central banks will be signing their political death warrants. That day can come none too soon.”
