You argue, quite correctly, that the collective central bank anti-inflation pivot is brimming with significant risk, like the potential for some kind of unnecessary global recession.
Such a possible outcome again raises the issue of whether capitalism, as it has evolved, has now managed to transcend the traditional central bank thwarting…
You argue, quite correctly, that the collective central bank anti-inflation pivot is brimming with significant risk, like the potential for some kind of unnecessary global recession.
Such a possible outcome again raises the issue of whether capitalism, as it has evolved, has now managed to transcend the traditional central bank thwarting mechanisms you mentioned in your last essay (wage policy, fiscal policy, industrial policy, welfare state, accommodative banking, lender of last resort) leaving nothing left but revolution, war and economic crises of various sorts as the only viable "stabilizers" for creating the appropriate long-run conditions for political and economic tranquility. And this type of outcome is one scary possibility that seems to look more probable based on our present trajectory.
Maybe we are all being naive in hoping, as you stated in your last essay "... that things will continue as they have since 2008, in an ongoing conservative rearguard action, based on a series of makeshifts and half-measures."
You argue, quite correctly, that the collective central bank anti-inflation pivot is brimming with significant risk, like the potential for some kind of unnecessary global recession.
Such a possible outcome again raises the issue of whether capitalism, as it has evolved, has now managed to transcend the traditional central bank thwarting mechanisms you mentioned in your last essay (wage policy, fiscal policy, industrial policy, welfare state, accommodative banking, lender of last resort) leaving nothing left but revolution, war and economic crises of various sorts as the only viable "stabilizers" for creating the appropriate long-run conditions for political and economic tranquility. And this type of outcome is one scary possibility that seems to look more probable based on our present trajectory.
Maybe we are all being naive in hoping, as you stated in your last essay "... that things will continue as they have since 2008, in an ongoing conservative rearguard action, based on a series of makeshifts and half-measures."