Daniel Henninger on government centralization hitting a wall, epitomized by NIRP

The "administrative state" hasn't been a phrase known to drive people into the street.  Until now.  What we are witnessing is a global government fail - across Europe, the Middle East, in Beijing, Delphi, Tokyo and Washington, D.C.

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No better symptom exists of the compact breaking apart than the European Central Bank, the U.S. Federal Reserve, and the Bank of Japan.  They epitomize the exhaustion of elite administrative intelligence.  For seven years, they failed at restoring even average economic strength, disappearing now into a black hole called negative interest rates.

~ Daniel Henninger, "Government Hits the Wall," The Wall Street Journal, June 30, 2016