Negative energy prices. Consequence partly of negative real interest rates. http://www.dallasnews.com/business/energy/20160405-what-do-texas-and-california-have-in-common-negative-power-caused-by-renewables-glut.ece …
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Replying to @sarahdoingthing
@sarahdoingthing The extent to which the economy has been distorted by central banks is… horrifying. No one has a grip on this yet.2 replies 0 retweets 5 likes -
Replying to @Meaningness
@Meaningness@sarahdoingthing mostly real interest rates are driven by real factors. CB has little power & mostly in opposite direxion2 replies 0 retweets 1 like -
Replying to @Meaningness
@bswud and I think we’re on roughly the same page re cycle theory overall…1 reply 0 retweets 0 likes -
Replying to @Meaningness
@bswud Your February 13, 2015 post is about short rates only. The goal of QE is CBs found ZIRP was not expanding productive investment…1 reply 0 retweets 0 likes -
Replying to @Meaningness
@bswud …so with QE they control long rates as well. That has greatly increased overall credit, but mostly not productive investment…1 reply 0 retweets 0 likes -
Replying to @Meaningness
@bswud Looks like the next CB move of desperation will be to buy IG corporates and eventually equity shares directly, but that won’t work if1 reply 0 retweets 0 likes -
Replying to @Meaningness
@bswud …no one actually WANTS to make productive investments, or can’t see any. So why would that happen?1 reply 0 retweets 0 likes
@bswud We probably agree that the key point is “without a stable macroeconomic environment, capitalism cannot create wealth.” I suspect >
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Replying to @Meaningness
@bswud the wild CB flailing since 2008, and consequent vast distortions, give decision-makers the sense that macroeconomy is badly unstable>1 reply 0 retweets 0 likes -
Replying to @Meaningness
@bswud partly endogenously and partly cuz vast, political, unpredictable state/CB interventions follow any significant endogenous changes1 reply 0 retweets 0 likes - 22 more replies
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