What is it about “Japan had 0% rates and still lost a decade” that people don’t understand ?
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The reason that Japan had 0% rates but it still has deflation is because the famous phenomenon known as “carry-trade”. The rest of the world’s economy was booming at that time. So naturally, people took money from Japan central bank and invested it elsewhere. So the printing press does not work as a tool to fight deflation over there.
I would argue the same circumstance does not exist now for US economy. Therefore, the printing press will show its full blown effect one day.
