The Great Central-Banking Experiment: Will Unlimited Cash Solve Problems or Cause Them?

The Bank of Japan folded as easily as a hot slice of New York pizza. After a few weeks of pounding by newly installed Prime Minister Shinzo Abe, the BOJ’s (officially independent) managers capitulated on Jan. 22 to his demands that the central bank hike its inflation target to 2% (from 1%) and…

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The Great Central-Banking Experiment: Will Unlimited Cash Solve Problems or Cause Them?

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