Federal Reserve Board chairman Ben Bernanke: in testimony to Congress last month, he noted: “The Congressional Budget Office estimates that the deficit reduction policies in current law will slow the pace of real GDP growth by about 1-1 percentage points during 2013, relative to what it would have been otherwise.” Photograph: Alex Wong/Getty Images

It is easy to find people on Wall Street who believe that the aggressive monetary policies of central banks, particularly the US Federal Reserve’s qua(...)