{"id":18406,"date":"2016-03-02T20:29:02","date_gmt":"2016-03-03T01:29:02","guid":{"rendered":"http:\/\/olduvai.ca\/?p=18406"},"modified":"2016-03-02T20:29:55","modified_gmt":"2016-03-03T01:29:55","slug":"the-g-20s-big-fat-zero-now-comes-the-bubbles-demise","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=18406","title":{"rendered":"The G-20s Big Fat Zero\u2014\u2014Now Comes The Bubble\u2019s Demise!"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"http:\/\/davidstockmanscontracorner.com\/the-g-20s-big-fat-zero-now-comes-the-bubbles-demise\/\" target=\"_blank\">The G-20s Big Fat Zero\u2014\u2014Now Comes The Bubble\u2019s Demise!<\/a><\/h3>\n<p class=\"entry-meta\">The tens of millions of taxpayer money wasted\u00a0at the G-20\u2019s Shanghai soir\u00e9e\u00a0had a silver lining. The assembled masters of\u00a0world finance\u00a0came up with a big fat zero on the\u00a0coordinated global stimulus front.<\/p>\n<\/header>\n<div class=\"entry-content\">\n<div class=\"pf-content\">\n<p>So doing, they essentially\u00a0admitted\u00a0that their\u00a0money printing central banks are out of dry powder (\u201c\u2026but monetary policy alone cannot lead to balanced growth\u201d)\u00a0and that they are\u00a0divided and confused on the fiscal front.<\/p>\n<p>Indeed, the\u00a0best result of the weekend is that the gaggle of\u00a0G-20 statists\u00a0acquiesced to Germany\u2019s absolute\u00a0\u201cnein\u201d on the foolish\u00a0notion\u00a0that a\u00a0world\u00a0self-evidently drowning in debt\u00a0can still borrow its way back to\u00a0prosperity. With respect to\u00a0that ragged Keynesian shibboleth, Germany\u2019s intrepid\u00a0finance minister left nothing to the imagination:<\/p>\n<blockquote><p>Germany had made it clear it was not keen on new stimulus, with Finance Minister Wolfgang Schaeuble saying on Friday\u00a0<em><strong>the debt-financed growth model had reached its limits.<\/strong><\/em><\/p>\n<p>\u201cIt is even causing new problems, raising debt, causing bubbles and excessive risk taking, zombifying the economy,\u201d he said\u2026\u2026.\u201c<i>Fiscal as well as monetary policy has reached their limit<\/i>.\u201d<\/p><\/blockquote>\n<p>So this is not about a failed G-20\u00a0meeting; its about the end of a vast, long-running\u00a0policy scam conducted by global officialdom and their central bankers. In a word, they did not save the world in 2008-2009 with the \u201ccourage\u201d of\u00a0extraordinary policies. They just temporarily buried the symptoms by resort to\u00a0crank monetary theories and fiscal snake oil.<\/p>\n<p>Indeed, every bit of the financial rot owing to the mutation of financial markets into debt-fueled\u00a0gambling casinos and the vast\u00a0economic deformations and malinvestments fostered by\u00a0massive central bank financial repression prior to the 2008 financial crisis is still with us. Except it has subsequently metastasized into an even more egregious and incendiary form.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The G-20s Big Fat Zero\u2014\u2014Now Comes The Bubble\u2019s Demise! The tens of millions of taxpayer money wasted\u00a0at the G-20\u2019s Shanghai soir\u00e9e\u00a0had a silver lining. The assembled masters of\u00a0world finance\u00a0came up with a big fat zero on the\u00a0coordinated global stimulus front. So doing, they essentially\u00a0admitted\u00a0that their\u00a0money printing central banks are out of dry powder (\u201c\u2026but monetary [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1806,124,5979,3203,2120,344,12715,467,534,4128],"class_list":["post-18406","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bubble","tag-central-banks","tag-contracorner","tag-credit-bubble","tag-david-stockman","tag-g20","tag-global-stimulus","tag-keynesian-economics","tag-monetary-policy","tag-wolfgang-schaeuble"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18406","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18406"}],"version-history":[{"count":3,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18406\/revisions"}],"predecessor-version":[{"id":18409,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18406\/revisions\/18409"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18406"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18406"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18406"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}