Mark Carney, the incoming Bank of England Governor, has warned that Europe could face a decade of stagnation unless it takes the kind of bold measures seen in Japan.
In words that will underline his status as a monetary activist and fuel speculation that he will try to relaunch quantitative easing (QE) when he arrives in the UK, Mr Carney applauded Japan’s “bold policy experiment” to boost dramatically its own QE programme.
What he means, I think, is that to avoid a “lost decade”, Europe must copy the madness which extended the Great Depression from 1929 to 1945, and which in Japan has ensured two lost decades.
Mind how you go people. It sounds like the central banksters are about to go completely mental.