Desperate Bankers

Don't your feet get cold in the wintertime
The sky won't snow and the sun won't shine
It's hard to tell the nighttime from the day
And you're losing all your highs and lows
Ain't it funny how the feeling goes away
--The Eagles

Steve Roach suggests central bank policies reflect escalating acts of desperation. First ZIRP, then QE, now NIRP.

"Central banking, having lost its way, is in crisis. Can the world economy be far behind?"

Should loss of confidence in the Fed et al become pervasive, then their house of cards collapses.