, 9 tweets, 7 min read Read on Twitter
Great talk by @martinwolf_ at the 46th Economics Conference @oenb @suerf_org on escaping the #trap: secular #stagnation, monetary #policy and financial fragility
Before the outbreak of the global financial crisis @martinwolf_ saw himself as an orthodox economist - now suggests to read Minsky, Godley et al.
'Everything depends on everything else' - eternal truth by @martinwolf_
In the strange economic world we live in: @bankofengland lending rates have never been as low (data since the 17th century) @martinwolf_
In the strange economic world we live in: China started increasing indebtedness in the moment the housing bubbles in the West bursted and global demand for Chinese product declined @martinwolf_
The end game is uncertain: Status quo, growing out of debt, surprise inflation doing the job...? @martinwolf_
Quoting @martinwolf_: 'the banking system is not private' and 'the role of #banks in the currrent setup is not clear'...
Other @martinwolf_ possibilities for the end game include mass #bankruptcy and deep #recession... We are in a global #policy #trap - we need more #demand without unsustainable #debt
Final quote @martinwolf_ : 'in the next global financial #crisis we will have #MMT'
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