A student of Dr Doom says QE is here to stay

Salomon alumni Michael Howell says central banks can’t stop pumping liquidity

Michael Howell remembers sitting in a meeting at the Greenwich, Connecticut offices of Long-Term Capital Management shortly before its collapse in 1998 and telling principal and former Federal Reserve vice-chair David Mullins how liquidity conditions worldwide were “basically tanking”.

The Fed had been tightening domestic US liquidity for 18 months and a strengthening dollar was squeezing cross-border dollar debtors. Metrics of emerging market liquidity were falling, and with them emerging

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