● If one is going to have an orgy, one should do it properly – there is little point in being squeamish. You need to relinquish any remaining bourgeois reservations. Discover your inner Caligula.
This is as true for macroeconomic management as in the field of carnal pleasure.
Negative interest rates? Ooh I don’t know, I’ve never tried that before.
(Go on. You know you want to.)
I think I’d like to have a go at abandoning my inflation targets!
(That’s the spirit. A little less timidity please.)
And once the sluices have been fully opened there is really no turning back; you may as well sit back and enjoy it. Who knows, it could become the biggest artificially engineered bull market in history.
Hurrah for former economics professors turned central bankers! Hurrah for Mr Bernanke! Hurrah for Signor Draghi! Hurrah for Kuroda-san!