No, Central Banks Won't Save Us This Time

The costs and consequences of central bank distortions have finally come home to roost.

There's a fanciful confidence afoot that central banks will once again coordinate a global "save" as markets careen out of control. They won't. There are many reasons for this:

1. There is no incentive to coordinate efforts, as each nation/region has vastly differing interests. Each faces a different mix of real-world inflation / deflation of assets, sta…