Eight years after the crisis of 2008-09, central banks are still injecting $200 billion a month into the global financial system to keep it from imploding.
If you want a central banker to choke on his croissant, read him this quote from socio-historian Immanuel Wallerstein: "Countries (have lost the ability) to control what happens to them in the ongoing life of the modern world-system."
Stated another way, Wallerstein is asking: what do central banks no longer control?
The quote is from Wallerstein's recent meditation on China: China is Confident: How Realistic?
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