Maybe the world has fundamentally changed and entities like the Fed are more and more irrelevant.
The exponential increase in technological advances continues to make prior technologies irrelevant. There are no cycles in these tech changes. It’s just flat out disruptive change. No going back. No thinking that we can come around again and use old thinking like we used to.
Maybe economic factors that we have assumed will cycle themselves back into vogue — won’t.
• worker participation percentages continue downward,
• wage stagnation is permanent, inequality is here to stay,
• worker replacement by tech is a true and expanding reality,
• commodities have permanently saturated markets,
• there will be no global recovery, ever again.
Maybe, the concepts of exponential change have finally impacted the world economies and that what factors economists dream would process through are now permanent features of the world.
What is the probability that the world has well and truly changed and no one knows what will come to be from here on out?