As growth slows, unemployment rises and prices remain stubbornly high, policymakers are cutting rates and accelerating currency erosion while pretending to stabilize markets. What they’re really stabilizing is the asset bubble and the debt machine, but the bill shows up as weaker savings, higher entry prices for homes and a currency that has to be diluted a little more every time their previous “fix” stops working. You can’t “stimulate” real growth by making money cheaper when the actual problem is structural rot.

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