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Globalization, Financialization Are Dead
submitted 3 years ago by muellermeierschulz from self.deutsch
They cannot create creditworthy borrowers out of thin air like the Fed creates dollars out of thin air.
They cannot force lenders facing mass defaults to loan more money to uncreditworthy borrowers
They cannot force creditworthy borrowers to borrow money.
They cannot reflate asset and consumption bubbles that have popped.
They cannot restore confidence in long, fragile supply chains.
They cannot magically turn unprofitable enterprises into profitable enterprises.
They cannot create income streams — revenues, profits, wages, etc. — with bailouts that continue the perverse incentives of moral hazard or “free money” designed to give debt-serfs enough cash to continue making their loan payments.
They cannot forgive debt payments without destroying the wealth held as debt: Mortgages, student loans, auto loans, credit card debt, corporate junk bonds, etc., are assets that lose their value once borrowers default.
The Fed can buy impaired debt, but that doesn’t change their abject powerlessness (points 1–7 above).
via zerohedge
there doesn't seem to be anything here
there doesn't seem to be anything here