Why is it that central banks are always talking about “normal”. Jay Powell wants to get back to normal, but which normal? Is this the normal that Ben Bernanke was trying to get to? The normal that Greenspan was trying to get to? The only way these central bankers seem to be able to answer the question is by counterfeiting more money? It is all reminiscent of Hunter S. Thompson’s Fear and Loathing in Las Vegas. Central banking has just become some drug fueled haze where there is only solace in excess. Markets are no longer allowed to be sober, only distorted.
