Brexit is not the Problem, Central Bank Policy is

Central Banks around the world continue to believe that they can affect aggregate

demand. They cannot. The negative rate experiment needs to come to an end if there is going to be any semblance of normalcy in both the economy and capital markets. Negative deposit rates and quantitative easing have done nothing for the real economy – in the United States or abroad. There is now over $11 Trillion worth of sovereign debt yielding less than zero. Meanwhile, global

growth continues to slow.