What began as rhetoric of sound money has quickly become a push for easy-money policies that risk transforming the Fed into a political instrument of the presidency, with potentially serious consequences for the broader economy.
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A pragmatic approach to politics, grounded in data and cloaked in the semblance of scientific rigour, commands the devaluation of institutions whose existence can scarcely be justified by scientific means.
Because they have been demonized in Europe, mining and some energy projects have been squeezed out of financing, putting the Old Continent at a major disadvantage.
Governments and other public sector entities have borrowed up to the limit of their debt capacity, and, in the EU, its supranational entities have run up debts themselves.