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Date Posted: 11:33:52 3/06/23 Mon
Author: Jasper
Subject: From the desk of Charles Smith

.
"The Fed Put" is the logical endpoint of neoliberalism, which places "markets" (and thus finance) at the core of the real economy. The neoliberal fantasy is that "markets" solve all problems via the magic of "the invisible hand" and so everything becomes subservient to the gyrations of "markets."

The second part of the fantasy is that "markets" are self-regulating, meaning there's no need for a moral order or government regulations; the magic of markets includes a godlike ability to restrict its own motivations, i.e. greed and exploitation to maximize gains by any means available.

As has been proven time and again, any means available reliably includes fraud, embezzlement, malfeasance, destroying competition with cartels and monopolies, and so on. (Look at how perfectly unregulated crypto-markets have self-regulated themselves. It's a wonder to behold such perfection, isn't it?)

Neoliberalism conveniently ignores Adam Smith's insight that markets require a strict moral order to avoid collapsing into savage exploitation. The neoliberal fantasy is that "markets" don't need no stinkin' moral order, greed and maximizing gains by any means available generate their own self-regulating structure via magic.

https://www.oftwominds.com/blog.html#jump

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