Monetary policy summarized:
Step 1: lower interest rates, tempting everyone to pull forward future consumption and take on massive amounts of debt.
Next, make-believe that the temporary pull forward in consumption constitutes a real economy, as economic indicators pause momentarily at "optimal" on their way to cratering.
Next, based upon the illusory moment of "perfect alignment" raise interest rates obliterating everyone who took on too much debt.
Pray this isn't the time with all of the rioting (even as riots are already underway).
Pray this isn't the time with all of the rioting (even as riots are already underway).
Yes. It's all that fucking stupid.
No. I'm not kidding.
Entire developed world housing market, right now.