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QE isn't a panacea for economic troubles

Flood of money has simply anaesthetised markets against shock from implosion after 2008.

Economic growth has slowed to a trot rather than a canter, yet investors keep pouring money into equities, which are supposed to be bets on future growth.

Mr Rajan: "The current non-system in international monetary policy is, in my view, a source of substantial risk, both to sustainable growth as well as to the financial sector."

A CURIOUS - eerie almost - calm seems to have descended on financial markets which, if one were an optimist, one might regard as a sign of market maturity or acceptance that the purpose of portfolio investment is not to get rich quick but to nurture long-term growth and development. A pessimist

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