David Stockman criticizes the capacity of the Fed, aiming most of his criticism at Janet Yellen. He goes so far as saying that the Fed can do nothing to help the catastrophe, but that instead, the catastrophe (our economy) was caused by the Fed. So far, the Fed has just been injecting money into the economy and falsifying money market interest rates in an effort to induce businesses and households to borrow + spend more. However, we are at peak debt, and this policy will not work (yet the Fed is so focuses on this policy like a broken flash drive).
There has been negative growth in household debt since the financial crisis, most jobs are "born-again" jobs, and our growing debt has not been used for productive assets. NIRP is a colossal fail in Europe and is not an exception in America. (I looked up NIRP and it is an unconventional monetary policy whereby nominal target interest rates are set with a negative value, below the theoretical lower bound of zero percent. Instead of receiving money on deposits, depositors must pay regularly to keep their money with the back. This creates at incentive to invest, lend, and spend). However, Stockman greatly urges that this is not only an "unconventional" policy but also a disastrous one.
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