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NIRP Is Its Own Big Problem, and Confirms QE's Disaster
There is utter madness in the air, and it spans the globe. Japan, after spending the last nearly three years exploding its "money supply" only seems to have realized recently that the ungodly ¥184 trillion in new bank reserves have acted nothing like money. QQE, the added "Q" adding nothing, is now to be supplemented by negative nominal rates on those "reserves" to try to make them something more than an assault on accounting. The ECB, having led the charge below zero, expanded the negativity and then expanded it again - only to add a QE and now threaten more expanding on the wild side of zero. Between the PSPP (QE) ... (full story)