Is Jefferey Sachs really using the ABCT to explain the recession? If not, what is the difference between his theory and ABCT.
The article I am refering to can be found here.
He comes close, but then he goes and says this:
“Having stoked a boom, now the Fed can’t prevent at least a short-term decline in the US economy, and maybe worse. If it pushes too hard on continued monetary expansion, it won’t prevent a bust but instead could create stagflation - inflation and economic contraction. The Fed should take care to prevent any breakdown of liquidity while keeping inflation under control and avoiding an unjustified taxpayer-financed bailout of risky bank loans.”
Basically, nobody can bring themselves to admit that the Fed is the cause of the problem so the cure has to be … abolish the Fed. Because if we abolish the Fed then the whole fractional reserve system is exposed for the fraud that it is.
You don’t need to dig deep to find out what Jeffrey Sachs’ agenda is.