Years of permanently 0%-ish low-risk real returns

Possible long term vs probable short term

My base case for the long term outcome¬†of the giant ZIRP/NIRP experiment being conducted on all of us (to bring about growth and moderate inflation), is that NIRP will not succeed, but will eventually lead to helicopter money that will do the trick (and overshoot on the “moderate inflation” part enough to make a lot of central bankers whisperyell “I told you so!” behind closed doors).

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