How Central Bankers Blew Up the Global Economy

Rigged Game

Why rates can’t — and won’t — rise.

By Ian Verender and cross-posted from ABC

We humans are a social lot. We just love being part of a pack, a member of a team.

We crave acceptance, to the point where isolation or banishment ranks among the worst forms of punishment.

Even when it comes to the dodgy art of forecasting, everyone seems to cluster around a central position, which kind of defeats the point of forecasting.

And so, in July two years ago, when the groundswell of opinion began to shift — that the Reserve Bank would be raising interest rates — arguing otherwise was a fairly lonely position.

As time went on, almost everyone shifted position as we dug in herehere and here.

To be fair, most of the highly paid, well-heeled professional market economists were being egged on by the authorities, and particularly…

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