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Is a revolution in economic thinking under way?

Our current situation is conducive to revolutionary thinking, if not yet in politics, then maybe in economics.

 

The BoE has spent £50 billion over the past six months to support bond prices. That could instead have financed a cash handout of £830 for every man, woman and child in Britain, or £3,300 for a typical family of four. In the United States, the $40 billion the Fed has promised to transfer monthly, with no time limit, to banks and bond funds, could instead finance a monthly cash payment of $500 per family – to be continued indefinitely until full employment is restored.


Sepp Hasslberger's insight:
It seems that the trust in banks and the economists who back them is fast coming to an end. There is talk abut innovative solutions to the crisis, and one of those is to spend money not on bailing out banks or holding up bond prices (so the rich can continue to accumulate ever more money) but to actually help the people... what a novel idea! Well, actually not. It was proposed a century ago by some "rogue" economists but no one listened.

Reposted by02mydafsoup-01datenwolfg33ky

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