The Dawn of a New Age
In the past 50 years, the world has seen more than 150 financial crises. The indiscriminate creation of money without support from savings or goods and services lies behind each and every one of those events.
The only policy that has existed since then has been to “solve” each crisis with the same method, lowering interest rates and increasing money supply. However, the diminishing returns are evident.
We cannot deny the importance of the past 50 years in the creation of prosperity and reducing poverty, but we must be aware of the growing imbalances of the world economy. Debt at historical highs, tax burden at record levels all over the OECD, and a surprising new outcome to the inflationary policies ...
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