noobcarbuyer

https://www.channelnewsasia.com/cna-insider/regardless-of-grades-psle-scoring-system-parents-pupils-tuition-4227551

This is why parents go to great lengths to conquer PSLE. But what do their children say?

Have Singapore’s views on academic results shifted, even a bit, since a change of the PSLE scoring system in 2021? The programme Regardless of Grades looks at how parents are approaching the exam and what it is doing to children.

 

On 3/28/2024 at 5:48 PM, Theoldjaffa said:

tagging our edu minister @chanchunsing here, [email protected] 

so that he can see a parent's feedback

on why his dotter's sch is teaching one way

but yet the CM is saying its not just about that way

and then be labelled as a load of ?$WSX for sharing what do markers look out for in PSLE 🤧

 

Must also ask why got this issue in PSLE mathematics back in 2022. 

https://www.channelnewsasia.com/singapore/psle-maths-algebra-full-credit-nan-hua-primary-forum-letter-seab-3131246

The examination board was responding to queries from CNA regarding a forum letter in Lianhe Zaobao.

The letter, which was published on Dec 1, was written by a group of parents of graduating Primary 6 students from Nan Hua Primary School.

The 11 parents said in the letter that their children had always scored 95 marks and above for their maths exams in school, or the equivalent of Achievement Level (AL) 1. 

But for this year’s PSLE maths paper, they were shocked to find that their children had scored AL 3, AL 4 or AL 5. 

“If a single child’s carelessness caused them to stumble on the exam, we have nothing to say. But when almost a third of the students in the class have a similar score gap, it’s hard not to be puzzled,” the letter read. 

 

 

Gifted Education Programme offers deeper learning, but kids can still excel outside of it

https://www.straitstimes.com/singapore/parenting-education/gifted-education-programme-a-differentiated-curriculum-but-smart-kids-can-still-excel-even-if-they-don-t-get-into-it

SINGAPORE – Primary 3 pupils will find out this week if they have been selected for the Gifted Education Programme (GEP).

With about 1 per cent of the cohort entering the GEP each year – ranging from 370 to 400 pupils, depending on the cohort size – this might mean disappointment for a number of children.

But experienced educators say the three-year programme – started in 1984 for intellectually gifted Primary 4 to 6 pupils – is designed for that small group of youngsters who will thrive in it.

Pupils are selected for the GEP through a two-stage process: a screening exercise comprising English and mathematics tests, and a selection exercise comprising English, maths and general ability tests.

The English and maths tests assess students on concepts taught in the syllabus from Primary 1 to 3, while the general ability test assesses students on their logical thinking and general reasoning abilities.

The GEP’s differentiated curriculum aims to nurture the depth of thinking and creative dispositions in such students.

One of them is Christian Choong, 13, who taught himself the number system and how to read and write when he was three.

When he started primary school, he would finish class work in less than half the given time, and was often bored in school and had trouble socialising with his peers.

His father Adrian Choong, 44, guessed then that Christian could be a gifted child and hoped he would get into the GEP.

Mr Choong, now a teacher and himself a former GEP student, faced similar issues when he was young and says being in the programme helped him.

He adds: “I hoped my son would get into the GEP, not because it is a more prestigious programme or that the schools have better teachers, but because I believe the GEP has the teaching and learning environment that would benefit him.”

He and his wife Esther Cheng, 44, a stay-at-home mum, have a younger son, Zachary, 11, who is in the mainstream programme.

Mr Choong says he did not send Christian, now in Secondary 1, for any GEP preparatory classes, but got him books on logic and reasoning tests to let him try the quizzes under timed conditions at home just before he went for the selection tests.

He did not want his son’s ability to be clouded by his fear of taking such examinations in an unfamiliar environment.

Christian got through the two rounds of tests and entered Rosyth School’s GEP, where he enjoyed meeting pupils he shared common interests with.

“He loved being with friends who were as crazy, nerdy and geeky as he was. He would have endless conversations with his classmates about obscure mathematical topics,” says Mr Choong.

He adds: “Sometimes, he would feel frustrated by his work, but struggling with the schoolwork made the eventual success all the more rewarding.”

What does a GEP pupil learn?

The GEP curriculum is an “enriched” version of the mainstream one. It is broader and more in-depth, with opportunities for research and inquiry-based activity.

Mr Matthew Ngiam, a teacher from Tao Nan School, who has been teaching children in the GEP for 15 years, says pupils are exposed to more challenging questions and concepts.

“It takes a certain cognitive ability to understand the requirements of the tasks,” he adds.

For example, in maths, Primary 4 pupils learn about the ancient numeration systems, such as the Roman, Egyptian and Babylonian systems.

They may research into an area of interest, like graph theory, which is not taught in primary school.

When learning a topic such as algebra, mainstream Primary 6 pupils may do equations with one variable, but GEP students are exposed to questions with more variables, including simultaneous and quadratic equations.

Mr Ngiam says many GEP students display similar character traits – a deep knowledge of an area of interest, a high level of curiosity, an excellent memory and an intense focus when they work on something they are passionate about.

He adds that he has learnt to be flexible in his thinking as his GEP pupils offer perspectives that he has never come across.

“When I go into class, I have to prepare myself that teaching is not going to be ‘one direction’. I’m the teacher, but they could end up being the ones teaching me,” he says.

Apart from being able to comprehend abstract thinking, they can gather information from everywhere to synthesise something new, he says.

“They go deeper than what is required in the GEP curriculum,” he adds.

Likewise, for English, while the basics like grammar and vocabulary are covered, much of English lessons is literature, where pupils are introduced to various literary genres such as mysteries, fairy tales and historical fiction.

Lessons are filled with discussions, where students make interdisciplinary and real-life connections, says Mrs Elaine Chong, head of the GEP at Raffles Girls’ Primary School, who has taught in the GEP for 22 years.

“We don’t have ‘one answer to one question’. Some pupils may not be used to this approach where there is a lot of discussion. It could be unsettling for them,” she says.

There is an individualised study option, where they learn basic research skills in Primary 4, such as how to gather data, and do analysis and presentations.

In Primary 6, one of the text genres they study is biographies, where they analyse the values of a person and the factors for his or her success.

The pupils are then tasked to come up with a biography of a family member, before they reflect on what they have learnt from the process.

They are exposed to concepts such as discrimination and stereotypes, based on the texts they learn.

“There is a lot of critical thinking. They may have to challenge their own thinking and learn to accept the views of others. It can be quite challenging, but they enjoy it because it involves higher-level thinking skills,” says Mrs Chong.

Raedon Tan, 10, a Primary 4 GEP pupil from Tao Nan School, says while the work is harder in the GEP, he enjoys being able to explore all subjects at a deeper level, especially maths, his favourite subject.

“We do a lot of open discussions, which also means that we can understand the perspectives of our peers,” he says.

All GEP pupils take the same GEP assessment for English, maths, science and social studies.

They will, however, take school-based assessments with their mainstream peers for mother tongue languages and higher mother tongue languages.

At the end of Primary 6, they sit the same Primary School Leaving Examination as mainstream pupils.

Their choices of educational pathways for secondary schools are the same as those open to mainstream pupils, such as the integrated programme or O-level track.

How do you nurture a child who did not get into the GEP?

High-ability learners who did not get selected for the GEP can still take up school-based enrichment programmes for upper-primary pupils, such as the Excellence 2000 (E2K) Mathematics Programme and E2K Science Programme.

Schools also offer enrichment activities in both academic and non-academic areas, for example, coding, robotics and design thinking.

A spokesman for the Ministry of Education says schools can nominate their high-ability learners to participate in its gifted education branch’s centrally organised programmes, such as the creative writing programme and the Primary Mathematics Project Competition, to provide them with further exposure.

But parents can also do their part to nurture these high-ability children at home, says teachers.

Mr Ngiam says parents should encourage the child to explore his or her areas of interest and provide opportunities for the child.

“It starts from home. If the focus at home is only academic excellence or getting into the GEP, that takes away the joy of learning, which comes from a child’s curiosity-driven exploration,” he adds.

By fostering a supportive and nurturing environment at home, parents are setting their child up for long-term success, says Mr Ngiam.

Mrs Chong agrees, adding that parents can be the resource person for their child.

For example, if a child likes writing, parents can expose him or her to different genres of books.

“Be the audience for them when they write, give them feedback to encourage them. That is how you help them build on their passion. The GEP is not the only way to stretch children,” she says.

Can students be trained to get into the GEP?

Over the years, enrichment centres have been offering classes that claim to coach students to get into the GEP.

With the programme offered in nine primary schools and with a class size of around 25 pupils, some parents view the GEP as a prestigious programme and send their children for lessons, hoping they will qualify for it.

However, MOE has long cautioned parents against doing so, as it might inflate test scores and not reflect these students’ actual intellectual potential.

Mr Ngiam says parents who want to send their children for prep classes should understand that the GEP is designed for children who have already demonstrated exceptional ability or aptitude in specific areas, such as an advanced knowledge of mathematical concepts.

He says one concern of attending such classes is the impact on a child if he or she does not make it to the GEP.

“There is the risk of your child feeling a lack of self-worth if he or she doesn’t get in,” he says.

Another concern is when children, who are not naturally gifted, get into the GEP through test preparation.

“The curriculum is designed based on the fact that they are naturally gifted. If they are not and come into the programme, they may find it a struggle to keep up with the pace,” says Mr Ngiam.

Mrs Chong says that if kids in the GEP struggle to cope, parents may end up sending them for more tuition in order to keep up.

“If they go for many enrichment lessons, they have no time for themselves or to reflect on their learning,” she says.

Mr Zhou Shicai, founder of NickleBee Tutors and who was a former GEP student, says his centre does not offer GEP preparatory classes as he believes that giftedness is mostly an innate ability, and he discourages parents from sending their children to such classes.

His enrichment centre offers advanced maths programmes for upper-primary pupils from both the GEP and mainstream programme.

But he recently started teaching three lower-primary students with exceptional talent in maths in his personal capacity at their parents’ request.

“This is not aimed at helping them get into the GEP, but rather to help them realise their full potential in maths because they already show innate talent,” he said.

Mr Choong, who coached his son for the GEP tests, says it is possible to prepare to a certain extent, but parents must consider if a child will thrive in the GEP environment.

“Your child can be trained to get into the GEP. But should your child be trained to get into the GEP? That is the question that parents should be asking themselves,” he says.

 

Israeli soldiers encounter unimaginable horrors are they remove the bodies of dozens of victims, including about 40 babies — some with their heads chopped off

Press were invited on Tuesday to survey the scene of devastation in Kfar Aza, the community massacred by Hamas terrorist infiltrators, as the IDF continues to remove bodies of victims from the homes where they were murdered.

For the first time the Israeli army let media channels into one of the massacred communities, in this case Kibbutz Kfar Aza, where plumes of smoke can be seen rising in the Gaza Strip, which lies less than a quarter of a mile away.

Sources close to Hezbollah are reporting that a Full-Mobilization of Forces in Lebanon has been Ordered with many said to be moving towards the Border with Northern Israel.

Hezbollah has announced now that 9 Fighters were Killed by the Israeli Defense Force during Clashes on the Lebanese Border earlier today.

Reports claim that Hezbollah High Command released the video with the caption: "We are going."

 

https://www.ricemedia.co/how-one-magician-holds-singapores-buskers-captive/

How One Magician Holds Singapore’s Buskers Captive

Jeffri Piperdy, a professional magician and busker since 2017, is about to embark on his finale in Orchard Road. His arms and upper body are bound by a straitjacket. The 23-year-old performer steps onto a plank placed atop a cylinder. Jeffri will have to free himself of his restraints while balancing on the plank. 

The performance draws passers-by into his audience of about 40 people. Jeffri finally manages to escape, and the crowd applauds. Audience members eye each other before walking up to Jeffri with $2 notes in their hands.

His performances draw both locals and tourists in with street-side spectacle—he’s good at what he does. But there’s another secret up his sleeves. Among Singapore’s tightly-knit busking community, the name strikes a discordant note. Because Jeffri Piperdy holds the country’s buskers in fear. 

READ MORE : 

https://www.ricemedia.co/how-one-magician-holds-singapores-buskers-captive/

https://nm3211.wordpress.com/2009/11/08/students-cried-over-“unbelievably-hard”-psle-math-paper/

Apparently students have been complaining about “unbelievably hard” PSLE math papers since circa 2009. 
 

On 8/2/2023 at 9:15 AM, noobcarbuyer said:

https://www.littledayout.com/psle-math-how-should-students-tackle-difficult-questions-exam-nicklebee-tutors/

PSLE Math: Is It Really That Tough? How Should Students Tackle Difficult Questions In The Exam?

Nearly every year, difficult PSLE Math questions spark a furore among students and parents.

In 2019, the infamous semi-circle question left many students in tears. In 2021, it was a question about Henry, Ivan and their coins that stumped examinees and made its rounds on the internet.

It seems that, in recent years, Math Olympiad-style questions have been appearing in PSLE Math papers with increasing frequency.

However, the Ministry of Education maintains that the difficulty level of the PSLE has been kept consistent, with challenging questions capped at 15% yearly.

One thing is clear: the PSLE Math paper is not going to get easier.

Read More : https://www.littledayout.com/psle-math-how-should-students-tackle-difficult-questions-exam-nicklebee-tutors/

 

https://www.littledayout.com/psle-math-how-should-students-tackle-difficult-questions-exam-nicklebee-tutors/

PSLE Math: Is It Really That Tough? How Should Students Tackle Difficult Questions In The Exam?

Nearly every year, difficult PSLE Math questions spark a furore among students and parents.

In 2019, the infamous semi-circle question left many students in tears. In 2021, it was a question about Henry, Ivan and their coins that stumped examinees and made its rounds on the internet.

It seems that, in recent years, Math Olympiad-style questions have been appearing in PSLE Math papers with increasing frequency.

However, the Ministry of Education maintains that the difficulty level of the PSLE has been kept consistent, with challenging questions capped at 15% yearly.

One thing is clear: the PSLE Math paper is not going to get easier.

Read More : https://www.littledayout.com/psle-math-how-should-students-tackle-difficult-questions-exam-nicklebee-tutors/

Will he be wearing this shirt go parliament? 

 

On 7/21/2023 at 1:00 PM, Kopites said:

Is funny and as well as sad that I am looking forward to see him in parliament more than the PAP and WP. 😞

 

@Fcw75 I volunteer as tribute!
 

On 7/19/2023 at 1:16 PM, Fcw75 said:

NS was the east coast plan!

 

 

@Kopites There will be more incoming. 

This is a classic political destabilization campaign. Entities who wish to harm Singapore may be trying to influence segments of our population and exacerbate communal tensions and our cohesion, or even undermine Singaporeans’ confidence in govt policies.

By who? Now that's the real question. 

On 7/19/2023 at 1:13 PM, Kopites said:

So these distractions only lasted less than a week. Back to cpib and rideout. 

 

Both NS and Leon resigned on their own accord. WP comes out with their reputation pretty much intact.

Guess the next GE's gonna be very interesting. 

Was this the East Coast Plan all along? 

This is all true. 

You can trust me. 

I was the towel that Nicole Seah used. 

On 7/18/2023 at 4:32 PM, Heartlander said:

I trying to be helpful, for those who still live in denial :

https://www.asiaone.com/singapore/i-tried-help-him-what-ex-driver-knew-and-did-about-mp-leon-pereras-alleged-relationship

 

 

Well played sire. Well played. 

https://mustsharenews.com/tan-chuan-jin-roses/


 

On 7/18/2023 at 9:23 AM, Heartlander said:

Come on, the other scandal also rumoured to be happening for years already why no one bother? At least over here something is being done with concrete actions, while the other side still investigating and living in denial.  How different in handling? Let's be objective and fair regardless of who we support.

Let's call a spade a spade. 

The relationship involving Speaker of Parliament Tan Chuan-Jin and MP Cheng Li Hui was known to LHL since mid 2020. And apart from being counselled, nothing else was done. I mean come on, this involves a relationship between a superior and subordinate at the highest legislative chamber in the land, and calls into question the speaker of parliament's impartiality when he is having an affair with a member of the house he is supposed to be presiding over. In any other industry, both would have been fired or asked to resign immediately! Important question is, why was nothing concrete done for the last 3 years? And only now when it is convenient to do so, that we the citizens are deemed worthy enough to know such details? What other issues are we unaware of, and nothing is being done about?

The other alleged relationship involving Leon Perera and Nicole Seah, is let's be honest, a targeted strike to deflect attention and regain the moral high ground. One is an MP, the other is not. Both are members of the WP's CEC though and that does pose some conflict of interest issues. But that is for WP to sort out and not for us to speculate. 

On 3/16/2023 at 2:33 PM, Wt_know said:

nabei ... without the $54B lifeline aka bailout ...

CS already up lorry and all hell breaks loose liao ... 

 

For all we know, all hell already break lose liao. 

It's just that the elites need to clean the house first before it burns down.

https://www.theguardian.com/business/2023/mar/15/svb-collapse-slow-rolling-crisis-blackrock-boss-larry-fink

SVB collapse may be start of ‘slow rolling crisis’, warns BlackRock boss

Larry Fink tells investors more ‘shutdowns and seizures’ in US possible and predicts inflation and interest rates to rise.

The collapse of Silicon Valley Bank could just be the start of “a “slow rolling crisis” in the US financial system with “more seizures and shutdowns coming”, the chief executive of the world’s largest asset manager has warned.

The CEO of BlackRock, Larry Fink, also predicted in a letter to investors and company bosses that inflation would persist and rates continue to rise, trends that both contributed to SVB’s collapse.

The failures over the past week of not only the California-based bank but also fellow US lenders Signature and Silvergate have prompted jitters across global markets. Such concerns were further fuelled on Wednesday when shares in Credit Suisse plunged to record lows after the troubled Swiss lender’s biggest investor ruled out providing it with more funding.

Fink described the situation as the “price of easy money” that was having to be paid after the Federal Reserve’s decision to start aggressively raising interest rates. “Something else had to give as the fastest pace of rate hikes since the 1980s exposed cracks in the financial system,” he said.

Fink added it was not yet clear where new victims of the “asset-liability mismatches” that claimed SVB would be found.

“It’s too early to know how widespread the damage is,” Fink wrote. “The regulatory response has so far been swift, and decisive actions have helped stave off contagion risks. But markets remain on edge.”

However, other leading financial figures warned that the instability brewing in the European banking sector could pose an even bigger threat to global market stability.

The high-profile economist Nouriel Roubini told Bloomberg news that if Credit Suisse were to collapse it could result in a “Lehman moment” – a reference to the collapse of the US investment bank Lehman Brothers in August 2007 at the start of the global financial crisis.

HUAT AH!!!!!! CHIONG AH!!!

https://www.cnbc.com/2023/03/16/european-markets-live-updates-stocks-data-news-and-earnings.html

European markets set to rally after Swiss central bank steps in to help Credit Suisse

No spread fear hor.

Yesterday Credit Suisse CEO himself come out to say bank bo dai ji. 

https://www.youtube.com/watch?v=pU_7BHjg9Hg&t=282s

Less than 24 hours later Credit Suisse need to borrow up USD$54 billion from the Swiss central bank.

https://www.ft.com/content/adb74b25-ee03-4bdd-8c7a-4dcc6c95fcac

1 hour ago, Kopites said:

https://www.straitstimes.com/singapore/buyers-of-tickets-to-cancelled-siloso-beach-party-file-police-reports-after-failing-to-get-refund

You meant this news?

Sounds like our very own version of Fyre Festival. 

https://www.youtube.com/watch?v=uZ0KNVU2fV0

 

1 hour ago, Macrosszero said:

EDMW doxxed him so bad they found not only his photo, but his phone number, business address and education history.

He has two choices from here: change name or change country. Considering his ongoing financial troubles he should choose the latter.

LOLOLOL what you mean doxxed? Just a simple google search will lead to all the details publicly available for anyone to see. 

On 1/28/2023 at 1:20 PM, Sosaria said:

A cautionary message for our Millennials and Gen Z who are on the way to middle age, on why despite the challenges and sacrifices that have to be made to get married and have a family, it is still an important preparation for the future! You can have all the money and savings but no one willing or feel obligated to care for you, also die!

It is precisely the boomer toxic mentality of seeing children as their 'future retirement plan' that has led to all these misery. 

One has children simply because you wish to bring a life into this world. NOT because you want them to support you during your old age.

Not preparing for your own retirement will make you a burden. That has nothing to do with your children. They have their own lives and families to lead. If they are willing to look after you in your old age, they should be doing it out of love and not obligation. 

It is incredibly selfish to bring children into this world and see them as nothing more than a preparation for the future.

If you treat your children like investments, don’t be surprised when they view you as a liability in future.

https://www.businesstimes.com.sg/government-economy/eurozone-downturn-deepens-points-to-winter-recession

Eurozone downturn deepens, points to winter recession

A CLOSELY-watched survey has showed eurozone October business activity contracted at its fastest pace since late 2020. German industrial orders also slumped more than expected in September, as foreign demand sank, putting Europe’s largest economy on course for recession.

S&P Global’s final composite Purchasing Managers’ Index (PMI) for the eurozone, regarded as a good guide to economic health, fell to a 23-month low of 47.3 in October from September’s 48.1, albeit just above a preliminary 47.1 estimate.

Anything below 50 indicates contraction.

“The final eurozone PMIs for October paint a clear picture of falling activity and sky-high inflation,” said Jack Allen-Reynolds at Capital Economics.

“While it does not yet point to the 0.5 per cent quarter-on-quarter contraction that we have pencilled in for Q4, the new orders and future output PMIs suggest that worse is to come.”

Asked what type of recession the eurozone would endure, 22 of 46 respondents in an October Reuters poll said it would be short and shallow; 15 said it would be long and shallow. Eight said it would be short and deep, and only one said it would be long and deep.

In France, the bloc’s second biggest economy, earlier data showed industrial output declined in September, although its PMI indicated that services sector growth slowed less than initially forecast in October.

Spain’s services sector activity contracted for the second straight month in October, weighed down by high inflation again, its PMI showed.

Inflation in the 19 countries using the euro currency surged more than expected last month, reaching 10.7 per cent, more than five times the European Central Bank’s (ECB) target. Consequently, the ECB is likely to press ahead with more interest rate rises, which will add to the burden faced by indebted consumers.

The ECB was the last among its peers to begin raising rates in this cycle, waiting until July. By year-end, the deposit and refinancing rates were forecast to be 2 per cent and 2.5 per cent respectively.

In contrast, the US Federal Reserve, which began hiking the rate in March, raised interest rates by 0.75 per cent again on Wednesday, in what has become the swiftest tightening of US monetary policy in 40 years.

In the eurozone, high operating expenses due to energy, wage and transport costs pushed services companies to raise charges sharply again.

The output prices PMI index was 62.7, the fifth-highest reading in the survey’s 24-year history, and just below September’s 63.2.

With no end in sight to the Russia-Ukraine conflict, nearly 65 per cent of 34 respondents in the October Reuters poll said the cost of living in the eurozone would worsen, or worsen significantly.

Since Russia’s invasion of Ukraine in February, energy costs have soared, and with winter nearing, several European governments have announced new measures to limit the increase in prices.

“The input and output price PMIs remain extremely strong. While they have fallen from their recent peaks, they are a very long way above their previous highs,” Allen-Reynolds said.

“The upshot is that Europe looks set for a painful winter of weak activity and strong inflation.” 

https://finance.yahoo.com/news/major-hedge-fund-just-warned-175120507.html

A major hedge fund just warned that hyperinflation could lead to ‘global societal collapse’—and it blames the central bank

The world’s worst financial crisis in decades may be right on our doorstep.

Rising inflation and the largest interest rate hikes globally in two decades have set the stage for the biggest economic upheaval since World War II, according to Elliott Management, a major hedge fund that manages nearly $56 billion in assets.

A unique and “extraordinary” set of economic conditions is steering the globe toward a crisis worse than any of the stock market crashes or energy shocks of the past 70 years, Elliott warned in a recent letter to clients, the Financial Times reported Wednesday.

The letter acknowledged, however, that the dire situation isn’t guaranteed. But some degree of economic downturn beginning next year is looking increasingly likely as central banks, including the U.S. Federal Reserve, have responded to rising inflation with aggressive interest rate hikes that international institutions including the World Bank and the UN have warned could trigger a global recession.

But the outcome could be even worse than that, according to Elliott, which claimed central banks sparked the inflation crisis when they loosened monetary policy in the early days of the COVID-19 pandemic.

The result of this looming economic spiral could even lead to “global societal collapse and civil or international strife,” according to Elliott.

Elliott declined Fortune’s request for comment.

Central banks in the spotlight

In its letter, Elliott accused policymakers of being “dishonest” about the real cause behind rising inflation, and of not taking responsibility for the part central banks played in creating it.

In 2020, many central banks—including the Fed, the U.K.’s Bank of England, and the European Central Bank—all lowered their interest rates to record lows of near-zero in an attempt to spur growth, after interest rates had already spent a decade at historical lows following the 2008 financial crisis.

That ultra-loose monetary policy countered the economic drag created by stay-at-home orders and business closures. But interest rates staying too low for too long can create additional economic risks if they ignite excessive growth and uncontrolled inflation.

The long-term consequence of the low-rate era could set the world on a “path to hyperinflation,” Elliott wrote, a rate of inflation that is rapid, self-sustaining, and largely uncontrolled, commonly defined as a monthly inflation rate of at least 50%.

Hyperinflation is extremely rare globally, as a monthly 50% inflation rate would translate to an annual rate of 12,875%, well above the current annual U.S. inflation rate of 8.2%.

High-profile economists including Mohamed El-Erian, president of Queens’ College, Cambridge, criticized the Federal Reserve last year in a Washington Post op-ed for keeping interest rates at near-zero for too long.

Low interest rates were “once needed and effective,” El-Erian wrote, but by the middle of 2021 they risked becoming “increasingly counterproductive for the economy” and could fuel a “perfect storm” of high inflation, slow growth, and financial instability.

Former Treasury Secretary Larry Summers has also criticized the Fed’s monetary stance, warning last year that the central bank was at risk of “dangerous complacency” over inflation owing to the protracted period of record-low rates.

Both El-Erian and Summers warned that if rates were kept low for long enough, runaway inflation could force the Fed into a knee-jerk monetary tightening stance that could severely hurt the economy.