Ken Rogoff Warns "China Will Be At The Center Of The Next Global Financial Crisis" - Zerohedge

Also, in many parts of Europe interest rates are still negative. Will that leave permanent damages to the economy?
I think that’s nonsense. There isn’t any particular evidence that negative interest rates are leading to permanent damages or that the risk of a crisis are higher. But eventually, we’re going to have another deep recession or financial crisis. Not tomorrow, not soon I hope, but it’s going to happen. And if countries don’t prepare for it it’s going to be much worse than the last time because interest rates are already near zero, quantitative easing is ineffective and helicopter money is a silly idea. That’s why I think that in the future we will see the major central banks and Treasuries of the world all prepare for having much deeper negative interest rates the next time we have a financial crisis. It’s a much, much more elegant solution than anything that’s been proposed. So I think many countries will prepare for negative interest rates and I would say within the next decade it will be in every central bank’s tool kit.

Source: Ken Rogoff Warns "China Will Be At The Center Of The Next Global Financial Crisis" - Zerohedge