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“Central Banks Just Made it Clear They Aren’t in Control, and Don’t Pretend to Be”
from Zero Hedge
By Michael Every of Rabobank
Jackson Hole: “Does my R* look big in this?”
The Jackson Hole central banking symposium has been running at its Wyoming venue since 1981. As such, it spans almost the entire neoliberal economic era in which central banks have been independent rockstars, not the boring civil servants following a political lead of prior decades. Ironically, 2023’s event, titled “Structural Shifts in the Global Economy,” pointed out an intellectual hole at central banks and their sudden lack of power, prompting look-in-the-mirror criticism. In particular, the focus was on the size of their R*s now politics matters again – that’s as President Biden released a video about tbuilding middle-class bottoms up and out as the American dream, rather than letting things trickle down.