ECB and human ingenuity

Martin Sandbu of ‘Free lunch’ concluded his usual paeans for monetary policy experiments with a noble sentiment:

… even more stimulus is needed to wring the slack out and put human effort and ingenuity fully back to work. [Link]

It prompted me to post the following comment on his blog:

Kudos to Mr. Sandbu for trying to wrap the unprecedented, uncertain, unconventional policy experiment with unknown and unintended consequences in such lofty sentiments. If only he had provided us the evidence for all that had been tried up to now….

No wonder James Mackintosh left FT.

James Mackintosh used to write for FT and he had called the yields on sovereign bonds totally bonkers. He was referring, in particular, to the 2% yield on the 50-year UK gilt.


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