By Tyler Durden | 20 July 2018
ZERO HEDGE — In his latest weekly Flow Show, BofA’s Michael Hartnett touches on a familiar topic: the rise of global populism and where it ultimately ends: “the end of central bank independence“, which he calls the ultimately populist policy.
Confirming something we have said since inception and explaining – once again – the advent of such phenomena as Brexit, the European backlash against immigrants, and of course, Donald Trump, the BofA strategist writes that “central bank policies of QE, NIRP, ZIRP have unquestionably exacerbated the gap between Wall St & Main St in past decade.”
Meanwhile, the wealth gap continues and in the latest quarter the US private sector financial assets are now 5.5x greater than US GDP, an all-time high, with the bulk of said financial assets held by a tiny fraction of the population. […]