My quick-witted friend, Josh May, is a close student of central bank policy in the US and abroad. More than once, he has opened my eyes to something that I was missing.
I told him recently that the side effects of years of super-easy money are not known yet, and that I am expecting the other shoe to drop, some day. This seems, to me, like a pretty safe bet.
He replied, “What if the guy upstairs only
has one leg?”
I still think a central bank has two, but, hmmm...