The header of this article and the first paragraph – as pointed out by other commentators before me – are reflective of the lessons of the last crisis not learnt at all. The article says that the Federal Reserve risks markets shock with its September move and that Janet Yellen will deliver the biggest shock to the market if she raised the Federal funds rate i September.
Future generations will hold newspapers such as the FT responsible for the incalculable damage that perpetual and permanently loose monetary policy has caused to the world economy with grave political and social consequences. Whether or not a rate hike of 25 basis points tantamounts to closing the barn door after the horse had bolted is a separate issue. But, advising against it – tacitly or openly – reflects a mindset that is stubborn and adamant about not learning from history. That is the biggest tragedy.