Not without justification:
— Bloomberg Economics (@economics) October 29, 2019
A few points.
- The technology revolution is as much solution as it is problem. Productivity gains will lift income to deleverage private sectors. It is over to governments whether or not this will widen the wealth gap. As things stand, it probably will. Which is why MB, which is an economic liberal, finds itself more and more arguing in favour of strengthening labour.
- The obvious answer to ineffective monetary policy is modern monetary theory (MMT) that prints money to boost aggregate demand via “people’s QE” which we see as inevitable. The problem is that it also falls into the capitalism versus socialism paradigm in that it reverses the power of the printing press by backing debtors over lenders.