[stego-tech]

Then you add in the fact pensions are invested into Private Equity, and it’s glaringly obvious how fragile (and already broken) the US economy is.

Returning to ZIRP is bad, as is removing the Fed’s independence, as is allowing PE to continue operating unchecked, as is a whole bunch of other stuff (over regulation of small businesses, under regulation of corporate behemoths, over reliance on government assistance programs by workers of for-profit companies due to low wages, the precarity of gig work, the displacement of educated workers by automation while simultaneously dismantling social safety nets, the student debt crisis, the housing crisis, the auto crisis, infrastructure crisis, etc, etc).

As you pointed out (and the initial detractor ignores), it’s not that ZIRP itself was bad in theory, but rather that a return to it - knowing the harms it caused - is bad, and that there is no outcome of the Fed losing independence that doesn’t end with the wholesale demolition of the foundation of the global economy, that being the US Dollar and Economic engine lifting all boats through political independence.