Jan Winiecki, is a hawk on Poland’s Monetary Policy Council and sounds like someone who is about to be outvoted. He says he colleagues are close to unleashing a deep cut in interest rates and unconventional measures.
“We haven’t reached the very bottom yet, but we’re on a slippery slope, when we’re very near the point of entering unconventional measures, but ones that don’t have any effects,” Winiecki told broadcaster Polsat News. Winiecki also said he thought inflation would oscillate around zero for many years to come.
This guy gets it.
He’s not pretending that inflation is strong or that it’s coming. He recognizes we’re in a no-inflation-because-of-globalization era and there’s nothing a central bank can do to stop it. So why risk destabilizing the financial system?
