I doubted I would ever find much common ground with Paul Volcker, the perennial US economic adviser who I always associate with the influence of neoliberalism. But, in his new (and undoubtedly last) book that is reviewed by Martin Wolf in the FT today he apparently says:
We face a huge challenge in this country to restore a sense of public purpose and of trust in government. It will require critically needed reforms in our political processes and leaders who can restore and preserve a consensus upon which our great democracy can depend.
He apparently now believes in the courageous state, as I do. I am pleased. Even late in life conversions are welcome. I hope someone is listening to this, at least.
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That’s not all he’s calling for, unfortunately.
https://www.bloomberg.com/opinion/articles/2018-10-24/what-s-wrong-with-the-2-percent-inflation-target
In his defence he does say that inflation AND a deregulated financial bubble created by speculation should be avoided.
As far as I know when Richard has spoken of nominal inflation he is also advocating more controls and regulation of the finance sector and its speculative bubbles.
To his credit, Volcker turns up in the documentary ‘Inside Job’ and does suggest that pay in the financial sector was too high – suggesting that the idea that you can indeed pay people highly enough to forget their principles or scruples.
My partner has a thing atm as is watching the Parliament Channel. It’s agony. Courage would close it all down. Marking term papers is light relief after our great leaders perform. I/m scared they operate at such dire levels and let us see it.