Central banks worldwide are putting their faith in negative interest rates. Unfortunately, these central bankers do not understand what interest rates are supposed to do, or how manipulating them will lead to a bust.
Politicians and the mainstream media have faith in the central banks to manipulate and manage the global economy. Unfortunately, things are not so easy, writes Patrick Barron. This audio Mises Daily is narrated by Keith Hocker.
The Fed has painted itself into a corner. There is no way that the nation can avoid either a recession or the collapse of the value of the dollar. We should prefer the recession, then insist on an end to monetary expansion, regardless of the howls from the politicians.