This has never been done in 5,000 years and now they are out of bullets. What could possibly go wrong with so much at stake?

Never Seen In 5,000 Years
May 3 King World News) – Here is a very powerful portion of what Peter Boockvar wrote ahead of the next round of monetary madness:  Because of Mario Draghi’s self imposed obsession with achieving 2% inflation, his job is getting harder and harder with his goal more elusive in April. His model told him to turn to negative interest rates 4 years ago, a concept instituted this cycle but never before seen in 5000 years of interest rate history. Massive QE was of course also thrown in and all it produced was 1.2% y/o/y CPI growth in April, down from 1.3% in March and one tenth less than expected...


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Boockvar continues:  … Mark Carney of the BoE has put himself in a really tough spot and rate hike odds for May are down to just 9% from near 100% a few weeks ago. He’s got no bullets left to deal with anything because he’s been so afraid to raise rates since Brexit vote.

We are certainly hoping that any moderation in economic growth is temporary but lets just say for a moment its not. Because all central banks, including the Fed, have been so slow to remove their extraordinary accommodation, we cannot look to them to save us next time because they won’t have much to do considering how low rates are and how outsized their balance sheets have become.

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