Economía marxista para el Siglo XXI

Emerging market crisis?

Michael Roberts Blog

Back in early December, I wrote that injections of money by the major central banks of the world through what is called quantitative easing was causing not inflation of prices in goods and services but instead in financial assets.  Stock markets were booming as banks and (large) companies were flush with cheap credit and cash.  Rather than lend to businesses or invest in new productive capacity, they preferred to look for higher returns in fictitious capital (property, stocks and bonds).  House prices have jumped back up everywhere, while governments get the banks to buy their bonds and keep interest rates low.  It’s a circular process in fictitious capital expansion.

One extra aspect of this was the boom in commodities (base metals, gold, food crops etc) for emerging economies, where most of the world’s raw materials for production are.  Also, as yields are much higher for bonds and equities in emerging…

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