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snoodog · 3061 days ago · link · · parent · post: Larry Summers: Interest rates are at inconceivable levels, and we must confront what that means
Well every time you change the rules you have a "six sigma event" and we have had a lot of rule changes as of late to keep this bubble going. Logically you look at our economic hand and its really shit but its hard to apply logic when at any point the rules can change so drastically that you may not even be playing the same game anymore. Bailouts, Tarp, ZIRP, NIRP all these are changes in the way the financial game is scored. Investments and hedges that were winners under the old rules are total loosers under the new ones.