I have known Peter Stella for 6 years now. In 2011, he was bravely saying that QE would become MORE aggressive and would last way into 2014. A great call. As the former liaison to central banks from the IMF, he has had a great seat in the brave new world of QE. What’s he saying now? He is our guest writer this week.

GLOBAL. Growth in the US, EU and Japan is significantly below trend and there are weak inflationary pressures
US. The US recovery is painfully slow and inflation is well below forecast
ECB. Peter is very bearish on the European recovery. 18 chefs in one kitchen cooking for 18 special diets is dangerous, especially when some countries are deathly allergic to some ingredients.
BOJ Peter’s views on the BOJ are unconventional. He sees even more radical action to create inflationary expectations.
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