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Desperately saving the global economy

Central bankers should abandon QE and allow interest rates to go up, reinstating the price mechanism in the money market.

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BACK TO THE GOOD OLD DAYS: People might actually like a state of affairs where those who save are rewarded, those who produce reap a long-term benefit, and those who follow sound financial management are praised.

IT is beginning to be conventional wisdom that the global economy is moving into a period of low growth. Apparently, it comes as a surprise. Sadly enough, the signals have been all too visible over the preceding decade without policymakers noticing. The culprit is a toxic cocktail of debt and