By directly influencing peoples' valuation scales through the manipulation of market interest rates, central banks affect every aspect of peoples' lives. It amounts to a "Revaluation of all Values", to use a term coined by the German philosopher Frederick Nietzsche.

"Furthermore, when interpreting the yield curve evidence, one should keep in mind the adage “correlation is not causation.”

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“The fact that models can deliver only an approximation of the truth means that conducting monetary policy is not a mechanical exercise. It is a complex blend of art and science—in effect, it is an exercise in risk management."

"Interventionism is always praised after the fact. Nobody ever says doing nothing did something."

"The temptation for negative rates is that many central banks’ traditional tools have been exhausted and so there is a grasp for alternatives. But reality is not always symmetric and just because negative rates are possible does not mean they are a valid policy option."

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