Fed Cathedra Jerome Powell tried to make it seem like the end of an era, but didn’t inspire confidence in the central bank’s ability to bamboozle start off in the era that comes next.
On The Breakdown’s Weekly Recap, NLW looks at the shifting sands of the global economy. He says Federal Retain Chair Jerome Powell’s speech at Jackson Hole this week was an argument that an era that began in the 1970s is now closing.
At the very time, he argues Powell did very little to provide a vision for what comes next. Instead, it is the alternative remunerative philosophies – Modern Monetary Theory on the one side, Bitcoin on the other – that are attracting people for a different vision of the approaching.