IMF chief economist Gita Gopinath, in an op-ed published in the City of London’s Financial Times on Nov. 2, joined the drumbeat of financier lackeys demanding governments initiate “a global synchronized fiscal push” to save their collapsing speculative financial system. “Monetary policy” –i.e., QE—is no longer sufficient to maintain the financial system, Gopinath argued. This is precisely the fascist “monetary regime-change” policy demanded by then-Bank of England Governor Mark Carney and BlackRock at the 2019 Jackson Hole, Wyoming bankers meeting.
“For the first time, in 60% of the global economy — including 97% of advanced economies — central banks have pushed policy interest rates below 1%. In one-fifth of the world, they are negative.” That leaves central banks little room to further cut interest rates when another shock strikes, she warned.
“It has led to the inescapable conclusion that the world is in a global liquidity trap, where monetary policy has limited effect. We must agree on appropriate policies to climb out.” Gopinath wrote, “Fiscal authorities can actively support demand through cash transfers to support consumption and large-scale investment in medical facilities, digital infrastructure and environment protection. These expenditures create jobs, stimulate private investment and lay the foundation for a stronger and greener recovery…. The importance of fiscal stimulus has probably never been greater….” https://www.ft.com/content/2e1c0555-d65b-48d1-9af3-825d187eec58
