Economía marxista para el Siglo XXI


Michael Roberts Blog

Stock markets have rallied in the last month, buoyed by the decision of the European Central Bank to plough yet more credit into the banks and lower further its policy interest rate.  This was followed by the US Federal Reserve Bank’s monetary policy committee deciding not to raise its policy rate, claiming that it was worried about the state of global economy.  Investors loved this and interest rates fell to below zero for some bonds.  Now every financial institution is able to borrow as much as it wants for less than nothing.

So stock markets shot up, although they are still below the level of last summer.  But there is little to indicate that the so-called real economy globally is improving – on the contrary.  Global manufacturing output, as measured by investment bank, JP Morgan, is growing at only a 2.2% a year, less than half the usual trend, with…

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