I just wanted to further clarify my earlier statement on the markets & central bankers in particular.
Right now central banks see their main role as that of supporting asset markets, the economy, the banks, and the government. They are positively petrified of potentially derailing anything through tighter policy. Case in point Draghi's statement today. They will structurally “under-tighten”. Higher inflation will be the endgame but when that will come is anyone’s guess. Growth will, by itself, not lead to a meaningful response from central bankers, etc... I guess what I'm saying, is to my knowledge no country has ever become more prosperous by debasing its currency and ripping off its savers. And that’s why I think this will end badly... Hope I’m wrong though.
What about the fact that it hasn't worked for +6 years so lets try negative rates. This is just an indicator from the ECB that everything is not good. Yet the market is at all time highs on the insanity of the central banks. This does not end good and the centarl banks are getting desparate. When does the public realize the moves on behalf of the central banks is a sign of the market dysfunction and nothing else. I to agree, this isn't going to end well.