I suspect behind closed doors, as recently vocalized by Former Dallas Fed governor ( http://globaleconomicanalysis.blogsp...r-richard.html
), there is a large contingent that recognizes the efficacy of ZIRP/NIRP has not been particularly successful especially in light of side effects, which have created a massive (understatement) debt problem, the unwinding of which will be extremely difficult. More ZIRP/NIRP compounds that problem as witnessed by Japan. Moreover, the experience of Japan, with a twenty year head start on the US, which while not a perfect analogy for the US, highlights the real dangers of the continued policy approach of more of the same.
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