Unconventional Monetary Policies: New Normal or ‘Black Hole’? 2019: The Year of Truth

Although the American monetary authorities seemed determined to carry out the normalisation of their policy, the severe downturn of the stock markets at the end of 2018 and the injunctions of Donald Trump led them to a complete about-face, concretised by reductions in the key rate starting at the end of July 2019. This surrender in front of market blackmail confirms that the unconventional monetary policies implemented after the 2008 crisis have plunged the asset-based economy into a black hole, from which it will not be able to escape without deeply reforming itself.