“…central banks’ monetary policies had become a kind of financial doomsday device.
Hold the button down too long and it is almost impossible to stop. Because the longer the Fed hands out the cheap credit, the more zombies get in line to take advantage of it.
As time goes on, more and more people want to see the program continue… and fewer can survive if it doesn’t.
Some rely on ZIRP to roll over their debt.
Some count on low mortgage rates to build, sell, or buy houses.
Some depend on the Fed to finance government deficits and keep money flowing to the growing zombie class — including banks, Wall Street, disabled people, food stamp recipients, military contractors, retirees, and chiselers, layabouts, and schemers of all sorts.
Almost nobody wants to turn off the tap.