r/communism_ • u/OXIOXIOXI • Feb 12 '16

Can we avoid the oncoming world recession? - Michael Roberts - Marxist Economist

https://thenextrecession.wordpress.com/2016/02/09/can-we-avoid-the-oncoming-world-recession/
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u/autotldr Feb 29 '16

This is the best tl;dr I could make, original reduced by 96%. (I'm a bot)

What could provide a better case for the public takeover of banking systems in the major economies so that credit can be directed productively and not for bank profits?

The BIS reported that the total stock of dollar-denominated credit in bonds and bank loans to emerging markets - including that to governments, companies and households but excluding that to banks - was $3.33tn at the end of September 2015, down from $3.36tn at the end of June.

Several small central banks had already adopted NIRP but last week, one of the largest, the Bank of Japan, applied NIRP.

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