In 2009, when asked why Citibank kept lending aggressively on the eve of the US housing and credit market bust, Chuck Prince famously said that as long as the music is playing you’ve got to get up and dance. How quickly the world’s major central banks seem to have forgotten the 2008-2009 Great Economic Recession that occurred when that round of easy money music stopped playing. Had they remembered, they might have long since wound down their current round of massive liquidity creation and ultra-low interest rates.
