"Nothing... We've learned nothing since the collapse of Lehman Brothers seven years ago today," according to Saxo's Steen Jakobsen [5].
He argues the emergency measures brought in in 2008 have been in place for far too long and, like a broken arm that's kept for too long in plaster, economic muscle has withered.
Jakobsen predicts lean times ahead, but that's not necessarily a bad thing as central bank funding has acted like a sugar diet on the global economy. Reforms to improve productivity are desperately needed and he considers whether an imminent interest rate rise in the States could be catalyst for a new normalisation.