The Great Gurdgiev Explains Why Central Bank Policies Are “Pure Bullshit”

by Lee Adler
Wall Street Examiner

What’s going wrong with the global monetary policy? Nothing, really, except for the economic reality.

Let me explain. In a forthcoming article I will be highlighting the channels through which monetary policy deployed in recent years (a combination of extremely low lending rates, negative in many cases deposit rates, massive asset purchases or QE) have contributed to increasing markets and economic volatility, whilst achieving preciously nothing in terms of lifting up economic growth.

Here, let’s consider what I shall term the ‘extreme impotency’ of monetary policy in the age of a structural debt crisis.

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