The big news story from the weekend has been the warning from the central bankers’ banker, the Bank For International Settlements (BIS), that financial markets have become “… detached from the reality of a lingering post-crisis malaise, as it called for governments to ditch policies that risk stoking unsustainable asset booms.” The BIS annual report warns about leaving ultra-low interest rates for too long a period. The Financial Times article reported what I consider to be the most significant piece of the report: “Particularly for countries in the late stages of financial booms, the trade-off is now between the risk of bringing FORWARD THE DOWNWARD LEG OF THE CYCLE AND THAT OF SUFFERING A BIGGER BUST LATER ON” (emphasis mine).