Last week a Central Banker made the most incredible admission in the history of banking.
It came from the Bank of Japan.
The Bank of Japan has been the leader in global Keynesian insanity. The US Federal Reserve launched its first QE program in 2008. The European Central Bank launched its first QE program in 2015.
The Bank of Japan first launched QE back in 2001.
Since that time the Bank of Japan has implemented QE programs equal to over 50% of Japan’s GDP. This includes its “Shock and Awe” program launched in April 2014: the single largest QE program in history, equal to over 25% of Japan’s GDP.
Suffice to say, Japan and its Central Bankers know more about QE than anyone else in the world. Which is why what happened last week was absolutely incredible.
On Friday, the head of the Bank of Japan, Haruhiko Kuroda stated that Japan has a “potential growth rate of 0.5% or lower.”
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Here is the Head of the Bank of Japan, admitting, in public that QE has little if any ability to generate growth. This is a man who has personally overseen the single largest QE program in history admitting that QE cannot boost GDP growth.
It’s absolutely incredible, particularly coming from a Central Banker.
Throughout the last seven years, whenever the financial markets or global economy began to weaken, the world has looked to Central Bankers to solve the problem. Faith in Central Banking omnipotence was so great, that ECB President “saved” Europe simply by vowing to “do whatever it takes.”
The underlying view here is that there were no problems so great that Central Bankers could not solve them. Even the Central Bankers themselves believed this: Mario Draghi’s next sentence after promising to do “whatever it takes” was “and believe me, it will be enough.”
The Head of the Bank of Japan has just admitted this is untrue.
Haruhiko Kuroda has admitted that there is a limit to potential GDP growth regardless of how much QE and Central Bank employs. He has admitted that Central Bankers might not have the tools required to generate growth.
Investors have yet to realize this because it runs completely contrary to their faith in Central Banks. The illusion of Central Banking omnipotence is so great, that it is going to take months for the world to begin to digest what Haruhiko Kuroda admitted last week.
But when they do, the financial system will adjust. And it will make 2008 look like a picnic.
Remember, in 2008, everyone had 100% confidence in Central Bankers. Moreover, at that time, most Central Banks had only just begun to employ ZIRP and QE to combat the financial crisis.
Today, Central Bankers have engaged in ZIRP and NIRP for years. And they’ve also spent over $14 trillion in QE. And one of them has just admitted he’s virtually out of options… right as the financial system begins to crack under the weight of a debt bubble that is now $20 trillion larger than it was in 2008.
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