{"id":16125,"date":"2018-02-26T00:00:53","date_gmt":"2018-02-26T00:00:53","guid":{"rendered":"http:\/\/thepatientinvestor.com\/?p=16125"},"modified":"2018-02-26T04:41:42","modified_gmt":"2018-02-26T04:41:42","slug":"richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2018\/02\/26\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\/","title":{"rendered":"Richard Koo: Surviving in the Intellectually Bankrupt Monetary Policy Environment"},"content":{"rendered":"<p><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"525\" height=\"296\" src=\"https:\/\/www.youtube.com\/embed\/8YTyJzmiHGk?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n<p>Richard C. Koo, Chief Economist, Nomura Research Institute, at the ACATIS Value Konferenz 2016 in Frankfurt<\/p>\n<p><strong>Why QE doesn&#8217;t work.<\/strong><\/p>\n<p>I have the greatest respect for Richard Koo and his unconventional, balance-sheet-recession approach to economics.<\/p>\n<p>It strikes me is that if central banks lower interest rates to stimulate borrowing and borrowing does not rise because borrowers are repaying debt to restore solvency, then it will backfire and hurt GDP. Households reliant on income from investments, especially in financial assets, will experience a significant loss of income from lower interest rates and will reduce their consumption accordingly. Falling consumption will cause a drop in GDP.<\/p>\n<p>Investments in financial assets consist not only of household bank deposits and bonds, but also insurance sector and pension fund investments in financial assets (mainly bonds) which will raise insurance premiums and lower pensions as a result.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Richard C. Koo, Chief Economist, Nomura Research Institute, at the ACATIS Value Konferenz 2016 in Frankfurt Why QE doesn&#8217;t work. I have the greatest respect for Richard Koo and his unconventional, balance-sheet-recession approach to economics. It strikes me is that if central banks lower interest rates to stimulate borrowing and borrowing does not rise because &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2018\/02\/26\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Richard Koo: Surviving in the Intellectually Bankrupt Monetary Policy Environment&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,45,49],"tags":[59,333,1169,1352,2346,2827,2831],"class_list":["post-16125","post","type-post","status-publish","format-standard","hentry","category-the-fed-banks-interest-rates","category-debt-levels","category-economic-theory","tag-fiscal-cliff","tag-balance-sheet-recession","tag-ecb","tag-fed","tag-monetary-policy","tag-qe","tag-quantitative-easing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Richard Koo: Surviving in the Intellectually Bankrupt Monetary Policy Environment - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Richard Koo: Surviving in the Intellectually Bankrupt Monetary Policy Environment - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Richard C. Koo, Chief Economist, Nomura Research Institute, at the ACATIS Value Konferenz 2016 in Frankfurt Why QE doesn&#8217;t work. I have the greatest respect for Richard Koo and his unconventional, balance-sheet-recession approach to economics. It strikes me is that if central banks lower interest rates to stimulate borrowing and borrowing does not rise because &hellip; Continue reading &quot;Richard Koo: Surviving in the Intellectually Bankrupt Monetary Policy Environment&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2018\/02\/26\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-26T00:00:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-02-26T04:41:42+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/02\\\/26\\\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/02\\\/26\\\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\\\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Richard Koo: Surviving in the Intellectually Bankrupt Monetary Policy Environment\",\"datePublished\":\"2018-02-26T00:00:53+00:00\",\"dateModified\":\"2018-02-26T04:41:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/02\\\/26\\\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\\\/\"},\"wordCount\":154,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"\\\"Fiscal Cliff\\\"\",\"balance sheet recession\",\"ECB\",\"Fed\",\"Monetary Policy\",\"QE\",\"quantitative easing\"],\"articleSection\":[\"Banks &amp; Interest Rates\",\"Debt Levels\",\"Economic Theory\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/02\\\/26\\\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/02\\\/26\\\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\\\/\",\"name\":\"Richard Koo: Surviving in the Intellectually Bankrupt Monetary Policy Environment - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2018-02-26T00:00:53+00:00\",\"dateModified\":\"2018-02-26T04:41:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/02\\\/26\\\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/02\\\/26\\\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2018\\\/02\\\/26\\\/richard-koo-surviving-in-the-intellectually-bankrupt-monetary-policy-environment\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Richard Koo: Surviving in the Intellectually Bankrupt Monetary Policy Environment\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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Richard Koo explains how the private sector paying off debt leads to a rapid contraction in national income. INET interview with Richard Koo, Chief Economist at Nomura Research","rel":"","context":"In &quot;Economic Theory&quot;","block_context":{"text":"Economic Theory","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/economic-theory\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/Tt3KdH1uk-c\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7522,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/21\/richard-koo-quantitative-and-qualitative-easing\/","url_meta":{"origin":16125,"position":1},"title":"Richard Koo: Quantitative and Qualitative Easing","author":"ColinTwiggs","date":"April 21, 2013","format":false,"excerpt":"Richard Koo in his latest report makes that the point that central banks in the US and UK have not cured their economies of deflationary pressures, they have merely kicked the can down the road: Central bank officials in the US and the UK claim quantitative easing has been a\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10199,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/07\/01\/explaining-richard-koo-to-paul-krugman-snbchf-com\/","url_meta":{"origin":16125,"position":2},"title":"Explaining Richard Koo to Paul Krugman | SNBCHF.com","author":"ColinTwiggs","date":"July 1, 2014","format":false,"excerpt":"George Dorgan writes: ....Prof. Steve Keen\u2019s and Richard Koo\u2019s recipe is to increase public debt, when the private sector is de-leveraging and to reduce public debt when the private sector is leveraging. According to Keen, the Americans are currently doing the complete opposite of what they should do. They should\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7578,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/28\/richard-koo-why-government-has-to-act-as-borrower-of-last-resort-during-a-financial-crisis-video\/","url_meta":{"origin":16125,"position":3},"title":"Richard Koo: Why government has to act as &#8220;borrower of last resort&#8221; during a financial crisis [video]","author":"ColinTwiggs","date":"April 28, 2013","format":false,"excerpt":"Richard Koo is the first speaker on this video http:\/\/youtu.be\/aWDTlCk4fyY Click [ ] to view full screen.","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/aWDTlCk4fyY\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":57774,"url":"https:\/\/thepatientinvestor.com\/index.php\/2024\/09\/26\/china-pushing-on-a-string\/","url_meta":{"origin":16125,"position":4},"title":"China: Pushing on a string","author":"Colin Twiggs","date":"September 26, 2024","format":false,"excerpt":"Subsequent reactions to China's latest bout of stimulus have confirmed Prof. Michael Pettis' observation from September 24: China Beige Book outlines a situation similar to Japan's balance sheet recession of the 1990s, which Richard Koo describes in The Holy Grail of Macroeconomics. Cutting interest rates has little impact on demand\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"Impact of China Stimulus","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-09-24-pettis-595x162.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-09-24-pettis-595x162.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2024\/2024-09-24-pettis-595x162.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":16353,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/06\/15\/enter-the-era-of-zombie-economies\/","url_meta":{"origin":16125,"position":5},"title":"Zombie banks or zombie economies?","author":"Colin Twiggs","date":"June 15, 2018","format":false,"excerpt":"The last three decades was the era of zombie banks, with financial crises threatening the very survival of our financial system. Major banks close to the edge of the precipice, first in Japan but followed by the USA and Europe, were only rescued by drastic action by central banks. 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