(1) Frustrated central bankers. (2) Not very stimulating. (3) Liquidity floating lots of boats other than economy. (4) Pumping it up. (5) US short-term business borrowing well exceeds inventory financing needs. (6) ECB to provide 4-year loans to banks to make more loans, or whatever. (7) Eurozone banks still shedding loans. (8) BOJ also lending to banks that are lending to the government. (9) Lots of monetary and fiscal stimulus in China creates excess capacity and PPI deflation.
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