The 'cynics' are underestimating the power of central banks

The 'cynics' are underestimating the power of central banks

There currently seems to be a lot of cynicism about the power of central banks to influence global growth. A growing number of people appear to believe rate cuts are no longer as effective as they once were, and central banks are therefore effectively impotent. I disagree. Why? Well, it is important to understand the context. For more than a decade, global growth has been suppressed by deleveraging of one kind or another. By deleveraging, I mean reducing the pace of credit growth to the le...

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