摘要
The global economy, financial markets, and politics have entered an era of turbulence. Major economies are facing structural economlc difficulties impossible to resolve under the existing political economy. Central banks, especially the Fed, assume that they can and should solve these problems through monetary policy. Instead, they create buzz in financial markets, which is misinterpreted as a sign of economic improvement and then peters out. When the financial markets again weaken the central banks do the same thing again but the buzz effect is even shorter. The process ends when developed economies, especially the US, are infected with inflation from emerging economies.
