非常规事实

纽约—谁会想到,在全球金融危机爆发六年后,大部分发达国家仍然在费常规货币政策的字母汤中游泳——ZIRP、QE、CE、FG、NDR、U-FX Int轮番上阵。没有一家央行在2008年前考虑使用这些措施(分别是零利率政策、量化宽松、信用宽松、前瞻指引、负存款利率和无限制外汇干预)。如今,它们成了决策者工具箱中的香饽饽。

事实上,就在过去一年半中,欧洲央行采取了它的FG,然后转向ZIRP,然后采取CE,然后决定尝试NDR。1月,欧洲央行最终采取了QE。事实上,如今,美联储、英格兰银行、日本银行、欧洲央行和众多小发达经济体的央行(如瑞士国民银行)都实施了非常规政策。

这一全球货币政策积极主义的一个结果是近几年来伪经济学家的骚动和市场动荡。各色“奥地利学派”经济学家、激进货币主义者、黄金信徒和比特币疯狂粉丝一再警告如此增加全球流动性将导致恶性通胀、美元崩溃、黄金价格暴涨,最终,法币将最终在隐晦的数字货币面前寿终正寝。

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