Central bankers do not know what they are doing. The reason for this is that they are experimenting with the global economy. There has never been a similar situation in history to the one now unfolding because interest rates have never been so low or even negative and never have central banks resorted to QE as they have done in the last decade. They do not know what is going to happen if they continue the policies followed hitherto or if they try to “normalize” markets by reducing their balances and raising interest rates to “normal” levels. Another novelty is the huge sovereign debt that has been amassed since 2008.