This is more for general interest in macroeconomics and the mistaken assumptions of banking-centered market governance. There's a related story here, on the 20th anniversary of the establishment...
This is more for general interest in macroeconomics and the mistaken assumptions of banking-centered market governance. There's a related story here, on the 20th anniversary of the establishment of the euro, which reflects how badly central banks and monetary policies perform in service of more general policy goals.
One of the fundamental failures in response to the 2008 economic crisis was increasing private money supply, without much other systematic effort at public investment to support demand. It was a theoreticians' solution, and there's been little formal academic acknowledgement of the empirical evidence that the policy didn't help the majority of people suffering. It simply turned the management of debt into even more opportunities for rent-seeking, at the expense of the public.
This is more for general interest in macroeconomics and the mistaken assumptions of banking-centered market governance. There's a related story here, on the 20th anniversary of the establishment of the euro, which reflects how badly central banks and monetary policies perform in service of more general policy goals.
One of the fundamental failures in response to the 2008 economic crisis was increasing private money supply, without much other systematic effort at public investment to support demand. It was a theoreticians' solution, and there's been little formal academic acknowledgement of the empirical evidence that the policy didn't help the majority of people suffering. It simply turned the management of debt into even more opportunities for rent-seeking, at the expense of the public.