:: According to an economic theory called the Unholy Trinity, governments can only ever have two of the following three things: pegged exchange rates, independent monetary policy and free capital flows. ::
Provided you accept the Keyensian model.
Which is socialism.
They aren’t even Keynesians anymore, and I would argue that the transition to what I would call Keystone Keynesians (think Keystone Cops for comparison) was already underway when Nixon infamously said we’re all Keynesians now.
What makes a Keystone Keynesian?
Why, only learning an excuse for government to sprnd more.
For a Keystone Keynesian bad times demand more spending and good times are an opportunity to spend more. The only constant is being spendthrift.
By now even being a Keystone Keynesian is passé, for our government is no longer pump priming so much as they are wanking off, economically speaking, and getting their jollies via the public purse.
It used to merely be that the Fed, by living off of the churn through persistant inflation, effectively hated savers ... but these days ours is a nation of credit abuses with a credit abusing government.
When the petro dollar finally goes the whole house of cards collapses.
But rather than learn their lesson, the big government types, the socialists and welfare state numbnuts, will double down on stupid claiming it would be mean to not do so.