These are certainly days of miracle and wonder. Well, of absurd and extraordinary financial experimentation, at any rate.
Last week, for example, saw the Bank of Japan abandon any last pretense of restraint and topple headfirst into a gigantic pile of monetary cocaine.
The scale of the policy is daunting: the Bank of Japan intends to double the country’s monetary base over two years via the aggressive purchase of long term bonds.
It would be difficult to overstate the drama of this monetary stimulus(although we favour the word debauchery). .... more