by John Rubino
It’s been obvious for a while that the next phase of global monetary madness would be both spectacular and very different from the previous phase. The question was whether the difference would be in degree or kind.
Now the answer is looking like “both.”
Let’s start with “yield curve control,” in which central banks, instead of just pushing down interest rates, intervene to maintain the relationship between short and long-term rates.
In a recent interview, Federal Reserve Governor Lael Brainard said the following: