Propaganda

One of the beautiful things about propaganda is enacting policies that would, by use of its original appellation, be anathema.

One of the current examples of this is the usage of "macroprudential policies" that would ostensibly smooth out economic downturns and offer a general panacea to market distortions.  These policies would be carried out by responsible and learned technocrats who understand the massively complex system that is the Global Economy.

But of course these "macroprudential measures are simply re-worded polices for tried and true protectionism in the form of capital controls, currency management, control and Executive Power of Foreign Subsidiaries, and a myriad other policies that States have used since complex societies formed.  The word "macroprudential" itself elicits an atmosphere of control, wisdom, and patience.  Quite brilliant.

I have stated many times on this blog that the Economics profession has devolved into a sort of apologetic faction for the state.  The State declares its intentions, then receives arguments from members of its court.  It performs this role extremely well, and provides propaganda for the State that is well-reasoned and compelling.

And so This Paper making the rounds is having the desired effect.  And of course, would not be presented if it had not been selected to further the current Agenda:  That is, by centralizing more control of global GDP among the G8 states.

A quick question for my readers:  what % of G20 GDP is controlled directly or indirectly by their respective States?  Is the rate of change in that number increasing or decreasing?