Idiot Lights

Transport yourself back 10, 20, 30 or however many years you can remember, and imagine a future debate about raising rates 0.25% after they had been at zero for 6 years. You’d think it was impossible and completely insane.

And have you noticed there is never any genuine curiosity about why interest rates have been at zero for 6 years and what the implications of this might be?

The idiot lights on our dashboard are flashing bright red, all of them, and no one even discusses what they mean, let alone what we should do in response.

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