It now seems the consensus gets it. Interest rates will stay lower for longer and are unlikely to ‘normalise’ anytime soon. Out of fear they’d become the next Greece, Western nations thought they must cut government spending. It now appears their actions increase the likelihood they are becoming the next Japan. The shock of Brexit appears to be the catalyst for the recent capitulation, although we believe the reasons for sustained low interest rates are more structural. In the full post below, we explore why monetary economics is failing, and the implications for investors.