Jackson Hole revealed things that did not make it into reports by the mainstream media. Turns out, the academic and philosophical underpinnings were being laid down for a radical expansion of the Federal Reserve’s toolbox.
The unthinkable policy that I’ve been warning about since last May—yes, we’re talking negative rates—was not only discussed at Jackson Hole, it was discussed in a positive, even slavishly approving, manner.
Here’s my sense of what happened at Jackson Hole… and what it really means. I think you’ll soon see just how bankrupt—and disastrous—the thinking among the world’s central bankers actually is.
John Mauldin | Forbes