Is it possible the central bankers will admit the error of
their ways and back away from their grand experiment? Don’t bet on it. Ideology and conviction – what Barbara
Tuchman calls “wooden-headedness”
– are a potent mix.
Strongly held beliefs are nearly impossible to let go, especially when the world is backing you with trillions of poker chips and genuflecting at your genius. Central bankers are all-in. There is no folding. They are well beyond the point of no return.
For better or worse, they hold the losing hand.
~ Kevin Duffy, The Coffee Can Portfolio, August 11, 2020
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