[Marxism] [SUSPICIOUS MESSAGE] Recessions, monetary easing and fiscal stimulus | Michael Roberts Blog

Louis Proyect lnp3 at panix.com
Mon Aug 19 05:53:02 MDT 2019


Monetary policy has failed, whether conventional or unconventional. 
Central banks have been ‘pushing on a string’.  That was something that 
Keynes found too during the Great Depression of the 1930s.  His policy 
proposal for getting full employment and ending the depression in the 
early 1930s was first conventional interest-rate cuts and then 
unconventional QE.  By 1936, when he wrote his great work, The General 
Theory, he announced the failure of monetary policy.

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