We're in the Eye of a Global Financial Hurricane
The only "growth" we're experiencing are the financial cancers of systemic risk and financialization's soaring wealth/income inequality.
The Keynesian gods have failed, and as a result we're in the eye of a global financial hurricane.
The Keynesian god of borrowing from the future to fund today's consumption has failed.
The Keynesian god of monetary stimulus / financialization has failed.
Every major central bank and state worships these Keynesian idols:
1. Growth. (Never mind the cost or what kind of growth--all growth is good, even the financial equivalent of aggressive cancer).
2. Borrowing from the future to fund today's keg party, worthless college diploma, particle board bookcase, stock buy-back, etc. (oops, I mean "investment")--a.k.a.deficit spending which is a polite way of saying this unsavory truth: stealing from our children and grandchildren to fund our lifestyles today.
3. Monetary stimulus / financialization. If private investment sags (because there are few attractive investments at today's nosebleed valuations and few attractive investments in a global economy burdened with massive over-production and over-capacity), drop interest rates to zero (or below zero) to "stimulate" new borrowing... for whatever: global carry trades, bat guano derivatives, etc.
