After years of ZIRP (and QE), finally it has dawned on the "smartest people in the room" that neither ZIRP nor QE do much, if anything, to boost the economy. In fact, judging by the secular stagnation the world finds itself in primarily as a result of the $200+ trillion in debt that ZIRP (and QE) have unleashed, growth is contracting with every passing year.

As such, some 6 years after this website first claimed just that, the "smartest people in the room", especially those working for investment banks and large asset managers, have turned the "tinfoil hat" corner and admit it is time to try something different (of course, they already got their bailouts which were possible only thanks to ZIRP and QE) because everything else the Fed has tried has failed.

Today, in what isn't the first nor the last call to end ZIRP, Janus' Bill Gross has released his November monthly outlook titled "It's the Zero Bound Yield Curve, Stupid!" in which he calls for an anti-Operation Twist, or "Operation Switch" whereby the Fed sells its long-dated holdings and buys short-term paper thereby "steepening the yield curve and benefiting savers, liability based businesses, and the economy itself." He adds: "They should produce a much steeper yield curve and a higher policy rate to allow banks, financially oriented businesses, as well as household savers themselves to increase margins and restore profit and disposable income growth."