We live in an outwardly tranquil point in stock market history, judging by observed market volatility. It is a financial environment that would appear to be a “World Without Risk,” which is the title of Macquarie Research’s latest missive. On the day University of Chicago Professor Richard Thaler received a Nobel Prize for recognizing the illogical behavioral influence humans can have on markets, the debate over control those markets is raised. This comes as central banks start to ever so slightly loosen their historic grip on what are real negative interest rates in many regions, and a question surfaces: Can free markets be controlled for the betterment of society? If stock markets stumble during the forthcoming withdrawal of...
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