How central banks have lost control of the world

``Last week, Sweden's Riksbank slashed its main policy rate into negative territory. In doing so, it became the 14th central bank to ease monetary policy so far this year, but the first to actually take its "repo rate" below zero to -0.1pc... Faced with the twins threats of deflation and economic stagnation, monetary policymakers are reaching for their interest rate levers and digital money-printing tools in a bid to stave off recessions and debt deflationary dynamics... This co-ordinated central bank action is reviving the "ghosts of the 1930s", according to investment bank Morgan Stanley.''