It is simple. You lower rates, and you borrow demand from the future. Well we lowered rates to zero, and started handing cash out to everyone...and now central

It is simple. You lower rates, and you borrow demand from the future. Well we lowered rates to zero, and started handing cash out to everyone...and now central bankers are talking about even more money...at some point, you have borrowed everything you can from the future. I don't think the real effect will be significant, it will hit hardest in countries that didn't see much failure in GFC (the UK is the obvious one) because people need to switch jobs/businesses need to fail to increase productivity. But you can't postpone this forever. Just generally too: financial markets aren't working very well. There is infinite capital for some borrowers, and no capital for borrowers that have fine credit but require some thought on the part of creditors. Infinite capital for WeWork. No capital for small business. All this stuff is patently obvious btw. The issue people have is that they think tomorrow will never come.