We all have a front-row seat to the “greatest monetary policy experiment of all time,” according to Jefferies credit guru David Zervos.
Zervos was on Bloomberg TV explaining the current approach to monetary policy all around the world.
Basically, he thinks Bernanke is doing the right thing — doing much better than his counterparts in Europe — as he’s constantly moving, looking for more tools to use in fighting deflation and managing the deleveraging.
And although people freak out about central bank leverage, there really is no limit to what an entity that prints its own money can do.
But it’s inevitable that we will pay for all this easing, most likely through inflation on the back end.
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