Time for a monetary policy rethink

I worry increasingly that history will not treat the recent record of central banking kindly. Inflation may well have been conquered - a conclusion financial markets are actively debating again - but that was yesterday's battle. Over the past six years, under the guise of an implicit inflation-targetting regime, monetary authorities have turned the liquidity spigot wide open. This has given rise to an endless string of asset bubbles - from equities to bonds to property to risky assets (emerging

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