By Paul Lavin on Medium:
2020 getting set to go out with a bang
The US is on the cusp of an economic boom. The Covid crisis is petering out yet policy will remain pedal to the metal with high powered fiscal and economic intervention more potent than the weak-assed monetary fiddling normalised after 2008, regardless of whether Trump or Biden wins. We’ll follow in the UK, and Europe will too but may drag its heals in that unique euro-dysfunction style and flirt with misguided austerity.
2008–2020 has been a sort of bastardised semi-depression in the West. After 2008 we prevented the debt deflation and capital destruction impulse that history foretold must happen through unusual and spectacular monetary policy responses. But we didn’t prevent the pervasive depression-lite economic gloom and lack of belief in a future that afflicted many an ordinary Joe.
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