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The Traditional “Toolbox” Has Failed

Presidents, prime ministers, finance ministers, and chiefs of central banks throughout the world have been trying to heal the global financial markets and the economy since 2008. Not surprisingly, all the aid programs, healing plans, and economic incentives attempted worldwide relied on a single, old, and familiar economic paradigm that states that the solution to the crisis lies in a combination of monetary expansion (interest rate cuts) and fiscal expansions (increase of government expanses and pouring of funds into the market). The only differences between these solutions were in the amount of money poured in and the amount of expansion taken.

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