by Adam English
“We’re taking a look at them … I wouldn’t take those off the table.”
Those are the words Fed Chair Janet Yellen used in a Congressional hearing a couple months ago regarding one of the most bizarre, and possibly most damaging economic aberrations of our lifetimes.
As the Great Recession wore on, we had to grapple with the consequences of zero interest rate policies. Now we’re facing the prospect of ZIRP becoming NIRP — negative interest rate policies.
Japan and a lot of Europe have already crossed over into this uncharted territory. The Eurozone recently delved even deeper into negative rates, and now we know the U.S. may as well.