Nice quote this week from derivatives expert Satyajit Das, in the Financial Times: "For the moment, policymakers are relying on the advice of actress Tallulah Bankhead: 'Cocaine isn't habit forming. I should know - I've been using it for years.' But reliance on low interest rates, like all addictions, is dangerous. It is also ineffective in addressing the real economic issues."
The full column by Das, "Low rates: the drug we can all do without," is here, but the link requires registration.
Hmmm...I see that this is my third post in the past several days that likens central bank policy to a drug. And it is the second involving a celebrity who is partaking (Elvis was the other star, in a cartoon I posted). Odd.
