In the wake of the Jackson Hole meeting some of the financial masters of the universe consider that they are not masters. This is an important development.
“What is holding the economy back? Why is it that we’ve had such incredibly accommodative monetary policy for so long (but) we’ve had so little growth? I think it remains a puzzle,” said Donald Kohn, who is now a senior fellow at the Brookings Institution think tank in Washington.
The Austrians know the answer.