Brian Holmes on Wed, 4 Nov 2015 16:50:06 +0100 (CET) |
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Re: <nettime> choose-your-own adventure: a brief history of nettime |
By providing freshly printed and essentially free money to private banks (sometimes even foreign banks, in the US case) governments were able to stop cascading failures and halt any drift toward a great depression. In China a huge infrastructure program was undertaken. In Japan money has been funneled directly to consumers. In Europe, the EU bailout of nationalized banking sectors has concentrated tremendous new power in Brussels. The global currency markets are not coordinated. States, to the contrary, pursue geo-economic grand strategies, that's the big difference. On Nov 4, 2015 2:45 AM, <prem.cnt@gmail.com> wrote: > On 4 Nov 2015, at 9:23 a.m., Brian Holmes <bhcontinentaldrift@gmail.com> wrote: > The crucial intervention so far has been the unprecedented injection of some 12 trillion USD into the global monetary system by central banks, which know very well what each other are doing. The next crucial intervention will be to actually *do* something coherent with that money. Global volumes of currency trading alone are in the order of 5.3 trillion USD per day. What capacity do the central banks of the world have to substantively influence the overall system? <...>
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