[Marxism] The Fed’s star-gazing | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Sun Aug 26 06:30:55 MDT 2018

At Jackson Hole, what did Powell think was the state of the US economy 
and what he would do with the Fed’s plan to raise interest rates this 
year and next?  He started by saying that “On the doorstep of the period 
now referred to as the Global Financial Crisis, surely few, if any, at 
that symposium would have imagined how shockingly different the next 15 
years would be from the 15 years that preceded it.”  In other words, how 
wrong we were that the US capitalist economy could go on growing, the 
housing boom would continue and the credit-fuelled financial sector 
would keep on spiralling up.


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