Among his points:
- Central banks will never tighten monetary policy again, merely print, print, print
- Bubbles used to be concentrated in 1 sector or region in the 19th century, but off of the gold standard this concentration has ended
- “The lifetime achievement of Greenspan and Bernanke is really that they created a bubble in everything…everywhere.”
- “You have to ask what they were smoking at the Federal Reserve,” during the housing bubble, as prices were increasing by 18% annually when interest rates started to steadily rise in 2004
As for the top one, it seems extreme, but we’re beginning to believe that, as both the ECB and the Fed are probably both in loosening mode, and markets are predicting rate cuts in Australia. Maybe “never” is strong, but we’re certainly inclined to think rate hikes won’t be coming for a long long time.