Why central banks have locked up capitalism

It’s supposed to be free-market capitalism, but animal spirits are in a zoo these days, and central bankers are the zookeepers.

Those looking for a Reserve Bank rate increase to stem the rise in house prices are going to be disappointed: if anything rates will have to be cut again.

Last week’s global sharemarket riot was partly due to a sudden recognition that global central banks are losing the battle against disinflation, and perhaps even deflation.

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