Cross-culturally and historically economics can be defined as the circulation and distribution of goods and services. Using this criteria, the economy should be in the shit-house, since workers are sick from COVID, inflation is up and not going away, supply chains are weak, and consumer spending is down.
But in the la-la land of finance capital, all this doesn’t matter. Central banks have injected 32 trillion dollars of free money this year into the pockets of the capitalists. These capitalists have not invested in the real economy, but instead raised 12.2 trillion dollars by selling stocks and taking out loans. On the downside, one third of all leveraged loans are considered high-risk and would easily topple if a) wages rose, or b) the fed demands interest payments.
Read in WSWS
