by Summary:
As central banks act, ‘independence is a myth’ Sheng recognises the social impact of central banks taking widespread action to curb upsets. ‘Central bank independence has always been a myth, like the emperor with no clothes. When push comes to shove, we have seen central banks funding government deficits carte blanche.’ Injecting liquidity ‘is the right short-term move because we are in wartime conditions of grave uncertainty. But quantitative easing has been increasingly interpreted as central banks funding the 1% through asset bubbles and taxing the savings of the middle and lower classes.’ The US debate is about rescuing the corporations, the economy or the population. ‘That’s a tough call. If the “precariat” says the money is not coming to me, social revolution is the next
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As central banks act, ‘independence is a myth’ Sheng recognises the social impact of central banks taking widespread action to curb upsets. ‘Central bank independence has always been a myth, like the emperor with no clothes. When push comes to shove, we have seen central banks funding government deficits carte blanche.’ Injecting liquidity ‘is the right short-term move because we are in wartime conditions of grave uncertainty. But quantitative easing has been increasingly interpreted as central banks funding the 1% through asset bubbles and taxing the savings of the middle and lower classes.’ The US debate is about rescuing the corporations, the economy or the population. ‘That’s a tough call. If the “precariat” says the money is not coming to me, social revolution is the next
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As central banks act, ‘independence is a myth’
Sheng recognises the social impact of central banks taking widespread action to curb upsets. ‘Central bank independence has always been a myth, like the emperor with no clothes. When push comes to shove, we have seen central banks funding government deficits carte blanche.’ Injecting liquidity ‘is the right short-term move because we are in wartime conditions of grave uncertainty. But quantitative easing has been increasingly interpreted as central banks funding the 1% through asset bubbles and taxing the savings of the middle and lower classes.’ The US debate is about rescuing the corporations, the economy or the population. ‘That’s a tough call. If the “precariat” says the money is not coming to me, social revolution is the next call.’