Former Central Banker Admits World Economy Remains in Recession and Depressed.
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In this video I talk about former Bank of England governor Mervyn King's new book called "The End of Alchemy". Mervyn King admits in the introduction to his book that we are still in a recession and that the global economy is still in a depressed state. The End of Alchemy: https://www.amazon.co.uk/End-Alchemy-Banking-Future-Economy/dp/1408706105/ref=sr_1_1?ie=UTF8&qid=1466166586&sr=8-1&keywords=the+end+of+alchemy
Comments
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I've noticed that your views are steadily going up. When the economy blows up they should go up a lot.
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I differ a little, I believe in a central bank for the banks whose role is to back-up the banks and stop bank runs and the like. BUT, central banks that try to manage the economy ultimately only screw-up it up. The reason is there are trillions upon trillions of moving parts in an economy and just like we can't control the weather i.e. global warming is based on scientist intellectual arrogance, we can't manage the economy either.
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Are you American?
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There is no economic recovery. And recessions are never announced until they are over. Mervyn King states "enthusiasm for polity stimulus is back in fashion. " Why would that be? Because it has been so effective since the central banks started their ineffective stimulus policies 8 years ago (much much longer ago in the case of Japan) that we now need more? More what exactly? Lower interest rates? QE style money printing? What stimulus is going to work this time if what we have had already has not worked?
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