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"Manipulating the World Economy"

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“Manipulating the World Economy” by Martin A. Armstrong

Manipulating 5th Edition 238x300

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The economic theories that dominated the field during the
20th century have failed us and empowered government to believe they can
manipulate the business cycle. Every economic theory presented post-Marxism has
assumed that the complexity of the business cycle can be reduced to a single
cause and effect. To date, no attempt to manipulate the cycle has prevented a
recession or financial crisis. We now face a truly monumental crisis. Central
banks around the world are trapped. Their attempt to stimulate the economy
through Quantitative Easing and rate manipulation has disastrously failed.

The central banks have primarily purchased government debt,
effectively keeping governments on life support by allowing them to issue new
debt at substantially lower rates. In addition to catastrophic Quantitative
Easing policies, political fiscal spending on various programs and agencies has
burdened governments with a debt that they can never repay. The future crisis
is one created by government. This time, we are not likely to fix the problem
without major political reform, which all governments will resist. These
policies have led many to assume that government can freely create money
without inflation. After creating trillions of dollars to buy government debt with
no appreciable inflation, many conclude that everything has changed.

They are calling this the Modern Monetary Theory. If they
are correct, then why bother to have taxes or borrow money continuously with no
intention of paying off national debts? Governments, in modern theory, can
simply create an endless supply of money to create a new modern version of
Utopia. Can we throw away all economic history for an experiment that could
unravel civilization if the theory proves to be wrong? What are the risks? Can
it really be that easy? Are there any examples from the past that we can look
to for answers?

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