What the bankers and politicians are not telling people.
Same story in the US at the time of the GFC and aftermath. Grifting aka "pretend and extend."
Macrobusiness
Should bankers or Australians get RBA “monopoly money”?
David Llewellyn-Smith
See also
Stumbling and Mumbling
Savers, capitalism & self-interest
Chris Dillow | Investors Chronicle
Macrobusiness
Should bankers or Australians get RBA “monopoly money”?
David Llewellyn-Smith
See also
Stumbling and Mumbling
Savers, capitalism & self-interest
Chris Dillow | Investors Chronicle
5 comments:
First link sends me to Billy Blog.
Thanks, Brian. Fixed it.
Another point that David Llewellyn-Smith might have added is that the FUNDAMENTAL PURPOSE of economic activity is to produce what PEOPLE want: both the stuff they buy out of disposable income, and the public sector provided stuff they vote for at election time. Ergo given a need for stimulus, the solution (if one is going to abide by the latter “fundamental purpose”) is to give people money and raise public spending.
In contrast, artificial assistance for money lenders, i.e. banks, (or widget makers or restaurants or you name it) does not make sense.
“artificial assistance for money lenders,“
They only get in trouble when unqualified regulators cause them to violate their own regulations..,
“Same story in the US at the time of the GFC and aftermath. Grifting aka "pretend and extend."
All figurative language...
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