I genuinely don’t understand it. We had years and years of brutal public services cuts and them being ground to the bone, where’s the money gone? People around me just say “tax cuts/payoffs for billionaires” but idk if that’s verified
I genuinely don’t understand it. We had years and years of brutal public services cuts and them being ground to the bone, where’s the money gone? People around me just say “tax cuts/payoffs for billionaires” but idk if that’s verified
“It went to the billionaires” is the short version.
Also to prop up house/property prices in general and pension funds which is a bit wider of a group but generally still the people on the upper end of the wealth rank.
Stupid thing really is when you have an asset bubble it does crowd out other investment. It needs to burst for the good of the economy. The QE and such stopped the opportunity for
investors to learn that they should invesgovernment to force investors to invest in productive capacity rather than asset bubbles.Yes. Unfortunately the pension funds were set to have a bad time, and mutual funds and other retail investment vehicles were as well; in order to “save” the average person, QE was implemented and had a convenient side effect. But really, nobody truly knew what the reaction would be. It was all novel.
well it was novel enough to ignore any lessons from the 1920s and 1930s. The animal spirits aren’t novel, they’ve been there for centuries.
If anything the only novelty was a brief period when the animals were slightly controlled.
Unfortunately for some parts of ‘the west’’ they started to persistently elect animal spirits into to government. fml.
ed: spe;lng