The making of the mother of all booms

Cross-posted from Policy Tensor comes a narrative that will send a shiver down the spine of the Aussie fake left:

As I watched Powell give his speech yesterday, I had to keep pinching myself to check that I wasn’t dreaming. The technocrats who’ve run the world economy since the Volcker Coup finally seemed to get it. Could this really be happening? Could they really have kicked the old habits of mind and embraced the New Empiricism? Evidently, they could. In what follows, I will give a short account of the intellectual and political economy revolutions unfolding before our very eyes. I will argue that we are not only at an inflection point in the modern history of the world economy. We may, in fact, be at the turning point of the secular cycle. The present revolutions in US political economy, I will argue, constitute nothing less than a final break with neoliberalism.

Short-term and long-term movements are always superimposed, Braudel told us. But can they be disentangled? In his three-volume magnum opus published in 1979, Civilization and Capitalism, Braudel prophesied that the downturn in 1973-1974 was not a short-term conjuncture, but in fact a turning point in the secular cycle:

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