Terrorism gripped the headlines again this week as terrorists struck the airport and metro station in Brussels, Belgium. Naturally, as Jeff Deist points out, this massive failure in government security will lead to calls for more government funding, and more control over the lives of citizens. Unfortunately, it’s the ordinary citizens who suffer the most from the West’s tone-deaf foreign policy that helps the terrorists recruit new followers while increasing the targeting of Europeans and Americans.
Central banks, and central bankers, are in uncharted waters. They don't know how to create economic growth, they don't know how to fight the great boogeyman of deflation, and they don't know how — or if — they'll ever be able to return to a time of "normal" monetary policy. Their pretense of knowledge, of being able to effectively control currencies used by billions of people, is coming to an end.