Central Banks Have Chosen a Perilous Course

Randall Forsyth, Barron'sDow Jones Reprints: This copy is for your personal, non-commerical use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool on any article or visit www.djreprints.comBy RANDALL W. FORSYTH | MORE ARTICLES BY AUTHOR THERE'S A NEW RACE TO THE BOTTOM. First, interest rates were slashed by central banks in reaction to the credit crisis of 2008. Then, they ballooned their balance sheets with massive bond purchases in what euphemistically was called "quantitative...

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