When I see the world’s central banks misdiagnosing the root causes of the anemic global growth today and treat the problem with a heavy dose of poisonous zero interest rate policy (ZIRP) and negative interest rate policy (NIRP), with a heavy bias toward increasing the dosage at all costs if the not-so-sick patient (global economy) doesn’t recover as they expect it to, I just couldn’t help myself from remembering the narrative poem written by Lord Alfred Tennyson in 1854, which I had to memorize and write in my English class exam when I was in the middle school –
From Wikipedia: Lord Alfred “Tennyson's poem written on December 2, 1854, published December 9, 1854 in The Examiner, praises the Brigade, "When can their glory fade? O the wild charge they made!", while mourning the appalling futility of the charge: "Not tho' the soldier knew / Some one had blunder'd.”
Half a league, half a league, Half a league onward, (anemic global growth)
All in the valley of Death (global deflation)
Rode the six hundred. (global middle class)
"Forward, the Light Brigade!
"Charge for the guns!" he said: (global central banks)
Into the valley of Death
Rode the six hundred.
All in the valley of Death (global deflation)
Rode the six hundred. (global middle class)
"Forward, the Light Brigade!
"Charge for the guns!" he said: (global central banks)
Into the valley of Death
Rode the six hundred.
.
.
.
.
When can their glory fade?
O the wild charge they made!
All the world wondered.
Honour the charge they made,
Honour the Light Brigade,
Noble six hundred.
O the wild charge they made!
All the world wondered.
Honour the charge they made,
Honour the Light Brigade,
Noble six hundred.
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