The Bank of England (BoE) rate-setter Kristin Forbes used in her speech last week an allegory of King Midas' golden touch to describe risks to a prolonged period of ultra-low interest rates. In Greek mythology, King Midas was enjoying his extraordinary power of turning everything he touched into gold until he realized the detrimental consequences after his daughter turned into a lifeless statue and food became inedible. Major economies have been enjoying their own version of King Midas' golden touch in the last six years in form of record low interest rates and massive volumes of quantitative easing - the tools that ... (full story)