Is the whole theory of secular stagnation a hoax?

The Bank for International Settlements (BIS) says the entire strategy of stimulus by global central banks is based on a false premise.  The world's monetary watchdog has thrown down the gauntlet. It has challenged the twin assumptions of secular stagnation and the global savings glut that have possessed - some would say corrupted - the Western economic elites.
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IBD: President Obama's Growth Gap Hits $1.31 Trillion

Stagnation: With fourth-quarter GDP growth downgraded in the latest government report, President Obama's anemic economy stretches on. If this had been only an average recovery, we'd be $1.31 trillion richer. ✧ Remember all that talk at the beginning of last year about how prosperity was — finally — just around the corner? In February 2013, for example, Reuters reported "signs are emerging that a more robust recovery is around the bend." ✧ The same month, Bloomberg told its readers that "most Fed policymakers expect growth of 2.3% to 3%." ✧ At the start of last year, the Obama administration projected growth in 2013 would be 2.3%. The Blue Chip consensus forecast was slightly higher. ✧ None of those projections was stellar. But with the Bureau of Economic Analysis' sharp downward revision of Q4 growth — from 3.2% to 2.4% — each turned out to be overly optimistic. Actual gross domestic product growth for 2013 came in at a pathetic 1.9%.

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