Stiglitz is also doing the Hicksonian jump-shift. He gets it wrong.
The fiat bankers are entering a crisis of lost market share from two sides. Side 1: Fed taxes on banking. Side 2: The pressure of tax free shadow banking. The economy is in full tax dodging mode, Yellen has to stop the tax dodging in the markets and stop the tax collecting in the banks. Most of her term will deal with those issues, taxes. Stiglitz and the Hicksonian jump-shift is the last priority.
The whole gang of Godotists are on the 'expectations' bandwagon, trying to convince us that we are not being hounded by tax collectors, in spite of taxes being the major issue of the election in most large states.
The fed will run out of markets to tax and then it is devaluation time.
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