Central banks made a hash of things in the 2000s. But their failures – the credit bubble and the 2007 financial crash – have too many precedents.
Negative interest rates show finance has gone postmodern. The system has become self-referential and value-free, in a way that might please cultural theorists. That’s supposed to help the real economy run more smoothly. But it’s risky, high-handed and not fair to savers.