I doubt whether you need any more reason to find the actions of the worlds central bankers deplorable, but just in case you do, I would direct you to this:

https://www.theguardian.com/business/2016/sep/12/bank-of-england-attacked-50-pension-contributions

John,

You have been talking about how the more you look into the actions of the world central bankers the more you have become worried about our future.

I doubt whether you need any more reason to find their actions deplorable, but just in case you do, try this one on for size:

https://www.theguardian.com/business/2016/sep/12/bank-of-england-attacked-50-pension-contributions

Mr. Mauldin, I’m afraid that the only end-run we’ll witness is the one where the average man picks up his pitch fork and marches on the Eccles building…

Couldn’t agree more, John.

El-Erian believes that the the consequences of a continuation of bad decisions as we move along the “T-Junction” include the possibility of a “French Revolution.” He doesn’t believe enough elites understand what is at stake.

I come at it from a different direction - complexity theory. I think it is absolutely clear that emergent properties have self-assembled in highly unstable form, with feedback loops highly distorted and the Butterfly Effect increasingly vibrant. Every ten years the elites are close to crashing the entire system and the system is more highly leveraged than before, the feedback loops are totally distorted and management (we know politicians are pathetic) thinks long term growth is accomplished by a phone call to the Treasurer to buyback stock (or, as Clayton Christensen has said, short-term IRR Capex that pads bonuses but create no jobs).

In a world of increasing disorder, it is time to stop the food fight. Many think Tech will save us. Despite many great advances particularly at the nano level, what the optimists, the deniers, the predators and the epidemic of normalcy bias fail to understand is that the Bad is moving towards us at a faster rate than the Good. We are not only not in any condition to combat the next financial crisis (next 1-4 years), we are in Darwinian terms highly maladaptive. Neither resilient nor anti-fragile and not moving towards either state.

We are in big trouble. The downside in an increasingly interconnected world of increasing disorder is the Dark Ages. Cyberwarfare aside, we have had plenty of warnings. The maladaptive response to events like the AK-47 attack on PG&E’s Metcalfe facility treat existential possibilities as just another item on some to-do list (the feds didn’t even know about the risk and the utilities 3 years later are still dithering, not wanting to spend the money on the required substantial transformer inventory.

The elites only response is two trot out the SDR as if this is just another Bretton Woods moment that can be managed through with no change at the top and no concern for those underneath.

Hans Solo in Star Wars “We’re Fine, Fine. Everything Is Fine.”

If only one had time, and space…there are so many questions:-
e.g.  What is the extent of the DEFLATIONARY effects of QE/ZIRP/NIRP?  The chain of causation must be obvious, free money leads to excessive investment, then to fiercer competition, which drives down prices, and profits.  It also contributes to the failure of businesses.  What happens to the assets of failed businesses? They are sold at a discount thus adding to downward pressure on prices.
OK, it happens, but how strong is the effect?  Where is the point at which the deflationary effects exceed the intended inflationary effects?