The truth behind the last 15 years is starting to become clearer to everyone

Labor arbitrage has stolen demand by not creating wealth in a one to one  or 1+ fashion by exporting technology.

"The crux of the problem is income inequality.Reducing rates won't make much difference.Inflation can be raised by giving handouts to the poor,they r sure going to spend it.Reducing rates won't help as long wealth is concentrated.2-3 long decade of globalization resulted in a surge of labour supply from asia as people moved from rural to urban or industrial centres.This structural change kept wage inflation low ,but owners of capital gained a lot.The savings glut that AEP keeps talking in a simultaneous environment of credit binge is due to this structural inequality.The have nots kept on piling credit and the haves did not know what to do with surplus wealth ,of course apart from lending to those who cannot pay.Thankfully this cycle has run its course.As labour market tightens in Asia and costly fuel makes transportation a significant cost the abnormal competitiveness gap would reduce giving labour bargaining power.The focus should be on fiscal policy rather than monitary policy."