“And you may ask yourself—Well ... how did I get here?”
(Talking Heads, Once In A Lifetime. Remain In Light)
“Unconventional monetary policy.” You might have heard it many times, but it’s a misleading term.
What mainstream media and consensus call “unconventional” is and has been the most conventional policy of the past 600 years: to try to solve structural imbalances and macroeconomic problems through inflationary measures; creating money out of thin air.
Printing money, of course, is not exactly what the major central banks have been doing. What they have been doing in the past eight years is more complex. The idea of using the apparently endless balance sheet of a nation’s central bank to absorb government bonds ...
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