>They do this because it's easier than tackling deeper issues like wage stagnation and demand collapse that are preventing a true robust resurgence of growth across the entire economy as existed from the 50s until the late 90s and the 2000 crash. That would take things like fair trade reform to limit wage arbitrage and possibly a rebirth of unionization or something similar. It would radically change the economy and would probably involve even more short term pain since the whole Normal has organized around cheap labor, cheap manufactured goods, cheap credit as a substitute for wages, and high asset prices. All that would invert.

I don't think the central banks are doing this on-purpose. They're doing it because the people with control over fiscal policy have decided to spend all their time worshiping the Austerity Gods.

(Belts for the belt-tightening god! Cuts for the cut throne!)