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That’s a nice viewpoint and I’m happy for the outcome. The cynic (sometimes me) would say we just maintained the status quo and managed to stave off a wider col
by kshahkshah 3y ago
That’s a nice viewpoint and I’m happy for the outcome. The cynic (sometimes me) would say we just maintained the status quo and managed to stave off a wider collapse due to a society fundamentally built on unsustainable growth.
- JumpCrisscross 3y ago> managed to stave off a wider collapse due to a society fundamentally built on unsustainable growth So your policy position is pining for catastrophe?
- kshahkshah 3y agoNo and I don’t think that is a fair interpretation of what I wrote given the caveat I provided from the onset.
- haswell 3y agoThe premise that market expectations about growth are unsustainable does not equate to wishing for catastrophe. Upon successfully mitigating a forest fire, the conclusion that conditions are ripe for more forest fires does not equate to wishing for more forest fires.
- JumpCrisscross 3y ago> premise that market expectations about growth are unsustainable Fair enough. Rising rates make a stable state more viable. In a very real sense, that's what rates are: patience in terms of money. We're conditioned to thinking of all markets like tech, but most businesses happily chug along growing alongside the economy while spitting out wages and profits. Amidst all of that, the carbon and material intensity of advanced economies keeps falling, alongside their birth rates. Fundamentally, I don't see what's forcing unsustainaibilty to the point of necessitating collapse.
- HDThoreaun 3y agoMaintaining the status quo after most people locked down for over a year is an incredible success.
- tootie 3y agoGlib as it may be I do love the quote from Keynes that "in the long run we're all dead". Did Fed policy buy a few more quarters of price stability between now and the heat death of the universe? Sure. But that's as much as anyone can do.