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Zero Interest Rate Policy. A controversial policy pursued by central banks in countries whose economies have collapsed, in an effort to reflate the system. Under ZIRP, a country's central bank sets the interest rate to zero or near zero, to make capital purchases more [attractive]. The policy is controversial because it is not clear that it achieves the desired objective, and in fact may lead to a so-called [liquidity trap], or a self-reinforcing slow deflation of the economy. Japan has lived with ZIRP since its stock and real estate markets crashed in 1990, and their economy has stagnated ever since. The [United States] is presently and foolishly following the Japan ZIRP model, with a similar outcome all but assured.
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