Monday, September 19, 2022

Deliberate. Coordinated. Global Recession. — Stephanie Kelton

In early August, I made the following observation. Reading the replies, I noticed that a handful of people thought I was claiming that a cabal of global elites was engaged in some backroom conspiracy to join in a collective effort to crush the proletariat. I wasn’t. What I was actually saying was that policymakers were (nearly) all leaning hard in the same direction at the same moment in time—tightening both fiscal and monetary policy—and that the predictable outcome would be a synchronized contraction....
The Lens
Deliberate. Coordinated. Global Recession.
Stephanie Kelton | Professor of Public Policy and Economics at Stony Brook University, formerly Democrats' chief economist on the staff of the U.S. Senate Budget Committee, and an economic adviser to the 2016 presidential campaign of Senator Bernie Sanders

7 comments:

Matt Franko said...

“Brazil’s gross domestic product rose 1.2% on the quarter in the three months to June of 2022, surpassing expectations of a 0.9% increase and extending the expansionary momentum to four consecutive quarters. Growth was strongly supported by a 4.8% advance in gross fixed capital formation, rebounding from the 3% decline in the previous period. At the same time, household consumption rose by 2.6%, extending the 0.5% increase in the first quarter and marking the sharpest increase in one year. “

https://tradingeconomics.com/brazil/gdp-growth


https://twitter.com/lynaldencontact/status/1571564172441272321?s=21&t=0pMgptpUQccFMKCi3v15EQ

“ The Central Bank of Brazil front-ran the Fed and raised interest rates from 2% to 14% since the start of last year.”


🤔

mike norman said...

But she's correct on the contraction in fiscal.

Peter Pan said...

Déja vu?

Matt Franko said...

https://www.reuters.com/world/middle-east/goldman-sachs-raises-turkey-2022-gdp-growth-forecast-55-2022-09-01/


“ Goldman Sachs said on Thursday it had raised its forecast for Turkey's 2022 GDP growth to 5.5% from 3.5%, while lifting its 2022 current account deficit forecast to $45 billion from $36 billion.”

🤔

Matt Franko said...

So Turkey is looking at 5.5% growth how is that a recession?

Argentina consensus 6.5% how is that a recession?

Matt Franko said...

This is kinda funny you have all these leftoid economists saying it’s a global recession here meanwhile US sticks to zero rates and posts 2 negative quarters (which then they say is not a recession) (even though it’s manifest negative) meanwhile ROW increased rates last year and now looking at >5% growth which the. they say is a “global recession”…

Paradox? What? What is this type of thinking?





Peter Pan said...

Economists have successfully predicted 10 of the last 6 recessions.

Kinda funny...