You Always Hurt the One You Love: Central Banks and the Murder of Capitalism

Central banks are often blamed for financial crises, but this book argues that their arrogance led to an intellectual error that ignored interwar lessons and the importance of intertemporal disequilibrium. This error resulted in the global consequences that threaten the continued existence of a capitalist society, and central banks have needed the financial-sector misbehaviour they so piously castigate.

Format: Hardback
Length: 528 pages
Publication date: 14 September 2023
Publisher: Unicorn Publishing Group

It is common to hold central banks responsible for the recurrence of bubbles, financial crises, recessions, widespread wealth inequality, and widespread dissatisfaction with capitalism. However, this significant new book makes the case that the central banks' profound intellectual error originated from the arrogance of the mainstream academic macroeconomics profession, which disregarded interwar lessons and the critical significance of intertemporal disequilibrium. The book demonstrates why and how this intellectual error, most evident in the deliberations and actions of the US Federal Reserve from the mid-1990s onwards, set in motion the global consequences that now pose a threat to the continued existence of a capitalist society.

In particular, it explains how central banks have relied on the financial sector's misconduct, which they so fervently condemn. While Alan Greenspan, the revered former Federal Reserve Chairman, was a prominent early figure in this Greek Tragedy, hubris has underpinned the entire structure of modern macroeconomic theory. Nemesis, as the book reveals, has followed inexorably.

Dimension: 234 x 156 (mm)
ISBN-13: 9781911397410