by Jeffrey P. Snider
Alhambra Partners
The OECD pleaded this morning for more “coordinated action”, i.e., “stimulus”, without even bothering to explain why anyone would feel confident if governments around the world might actually oblige. This economy, the singular global economy, has been stimulated to death, awash in especially monetary influence of constant ZIRP and QE’s and now threatened by nominal punishment through NIRP. When all of that was first introduced, there were no doubts ever expressed that they wouldn’t work, at most these orthodox institutions would admit that there were only risks to their modeled success rates.