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It's not only dereliction of duty: real interest rates were negative for about 18 months aroung 2003 in the US, and also for a time in Spain (the ECB set interest rates for German levels of inflation) triggering asset bubbles.

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith
by Migeru (migeru at eurotrib dot com) on Thu Oct 9th, 2008 at 10:34:10 AM EST
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