From the Wall Street Journal: “The Bank of Japan on Friday joined a host of European peers in setting its key short-term interest rate below zero. The move, long denied as a possible course by the bank’s governor, came a week after the European Central Bank president indicated he was ready to launch additional monetary stimulus in March—and days after the Federal Reserve expressed new worries over market turbulence and sluggish growth overseas.”
The patient lay unconscious, breathing shallow, pulse so weak;
the economic doctors hardly knew what cures to seek!
Its markets were unsettled; paltry growth had slowed it down —
the central banks looked at it and could not suppress a frown.
They finally decided that the int’rest rate must fall
into the minus column to break free from fiscal thrall.
It would mean inflation and a weaker yen and euro
(meaning better sales for sake and the Spanish churro).
But still the pale economy did languish, invalid —
and economic health was still not quite up on the grid.
What’s next, you mountebanks of money — have you got the key
to resurrecting wages in a dead economy?