"So back to the original question; if the worlds' central banks are so easy, why is energy collapsing? And how can gold be unchanged YTD?
The answer is straightforward - central banks are NOT being accomodative enough. These downward trends in the energy and commodity complex should be a warning sign to anyone with a "price stability" mandate. There is a hefty disinflation trend developing and given the amount of debt in the system - and the weakness of global aggregate demand - any signs of significant disinflation should be cause for grave concern. We cannot mix a lot of debt with a lot of deflation - that will be the end of us!! That is Irving Fisher 101!
And while it may not be "common wisdom" to assert that our global central banks are being too tight, the proof is in the prices. A large sustained drop in energy costs at this stage of the reflationary game is VERY unsettling. It is the surest sign that monetary policy is too tight!
That said, I suspect it will not take much for us to see further action. US headline inflation has a one handle and is falling fast. Europe and UK are most likely in recession. And Japan still has deflation. The central banks have "talked the talk" when it comes to accomodation, but they have not "walked the walk". However, when push comes to shove in this post 2008 world, they always come through."