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”Austerity with no possibility of bankruptcy” doesn’t strike me as anything doctrinarian, really. As for declaring it a non-success, and bemoaning, the suppose
by qubex 9y ago
”Austerity with no possibility of bankruptcy” doesn’t strike me as anything doctrinarian, really.
As for declaring it a non-success, and bemoaning, the supposed death of the middle class, you couldn’t be more wrong: it might be faltering in the West, and we might observe a local pressure upon the middle class, but in the Far East (China, India) the latter is very much ascendant.
- lifty 9y agoAre you suggesting that the rise of the middle class in the Far East was caused by monetary policy? If you do, then I would have to disagree with you. It seems to me more likely that it was caused by the increase in global trade and the massive transition of the means of production from west to east.
- qubex 9y agoYes, I am — and that growth of the Eastern middle class is itself a (probably involuntary) product (or side-effect) of monetary policy of the net importers (the West): in a protectionist context, globalism wouldn’t have taken hold, and ”Factory China” wouldn’t have arisen if protectionist paradigms had been dominant.