The Slogs at the end of the day column last night. I am cross-posting this to the Slog.
“Collectivist corporoctratic Phlogiston, they know for sure, is the missing link.

Christine Lagarde has this week gone from being the architect of IMF incompetence to being the Head of European Central Bank incontinence.

Here’s a selection of what she has had to say so far….example 1:

‘Declining trend growth on the back of slowing productivity growth and an ageing population, and the legacy of the financial crisis have driven interest rates down. This low-interest rate and low inflation environment has significantly reduced the scope for the ECB and other central banks worldwide to ease monetary policy in the face of an economic downturn. And structural challenges, such as new threats to environmental sustainability, rapid digitalisation, globalisation and evolving financial structures, have also affected price developments and, therefore, the environment that central banks monitor, forecast and need to factor into their policies.’

https://hat4uk.wordpress.com/2020/02/18/at-the-end-of-the-day-931/

John Ward who writes the Slog and has been for 15 years one of the most influential UK Bloggers has commented here in the past, and I know that John is an admirer of Dr Morgans, empirical approach to Political Economy.

One of Johns observations of “Gloabist Process” is the Interests of Texas Big oil in the US geopolitical Mix. Perhaps the Apeothesis of this entanglement was Rex Tillerson’s brief sojourn into the Cabinet of Donald Trump. Others would probably argue that Dick Cheney and Donald Rumsfield were the High/Low watermark in the First Bush (The Second) administration.

The reason I bring Johns Column from last night to this discussion is that it focuses on the Mismanagement aspects of the current failed system. The precariat has been snatched from the Jaws of Victory? depending on your view as to how much is incompetence and how much are Plausibly deniable unintended( Intended) consequences masquerading as Incompetence or the plain Unknown Unknown Black Swans.

http://www.lietaer.com/images/Integral_Money.pdf

https://surplusenergyeconomics.wordpress.com/2020/01/24/163-tales-from-mount-incomprehension/