Down in the Jackson Hole

01/08/2014 by socialistfight

Michael Roberts Blog

Central bankers from all over the world gather each August underneath the Grand Teton mountains in Jackson Hole, Wyoming for their summer symposium to discuss the global economy and what central bankers can do about it.  This year, Ben Bernanke, head of the most important central bank, the US Federal Reserve, is not present.  He is about to end his term of office at year-end, so perhaps he saw no need to attend.  But lots of other key bankers and mainstream economists are there.

The main issue to discuss, as it was last year, was how effective has been the policy of ‘quantitative easing’ (QE) in getting the global capitalist economy into recovery mode.  QE is where central banks buy up government, corporate and mortgage bonds through the expansion of central bank power money (‘printing money’), in order to inject ‘liquidity’ into the economy.  The idea is that this extra…

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