More than a decade ago, some South American countries were moving to the left in an effort to create a new paradigm. Things have not gone well for them.
With central banks falling into step in a seemingly inexorable race toward negative interest rates, this could point to bigger problems on the horizon.
It is a time of fiscal hedonism, engineered and encouraged by governments and their central banks, and sold to us as banal public policy and tinkering.
