This is Ken Rogoff's "debt supercycle" view, by and large:
Some Fed thoughts: QE4 and all that: For months, the mid-September meeting of the Federal Open Market Committee...:
was being telegraphed as the most likely start date of the ‘normalisation’ process. Or, to use another bit of central banker-ese, the day when short-term interest rates would begin ‘liftoff’ from the current range of zero to 25 basis points. There is still time before any decision is made, but the latest utterances from America’s central bankers — corroborated by interest rate futures and options — suggest that a September rate increase is becoming less likely. Bill Dudley, the boss of the New York Fed, said on Wednesday that the argument for moving in a few weeks was ‘less compelling’ than it was just ‘several weeks ago’.