fucked up that real rates of interest are zero or negative
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To the extent I read Pettis, it's because we stole too much money from the poor (who consume) and gave it to the rich (who save/invest) during our collective 3.5-decade international freakout about stagflation.
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I mean yes, but "The last time labor got a vote, it destroyed the country so we're going to create a recession every time labor starts talking about the vote" worked from 1978-1998. Took down two Presidents too. /3 if you count McCain, which eh.....
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i mean economist robert lucas did literally win an economics nobel for demolishing the justification for phillips curve based policy
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yeah sadly the saltwater people won i think your mistaking economics as a unified homogeneous discipline rather than a bunch of factions and institutions kind of kludged together the fed is kind of operationally conservative until it has to not be
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yeah i only worked at a branch but my impression is the central guys are not necessarily sterling theorists bernanke was but a lot of them are more practitioners and im not sure what quality is like outside of the us
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