The COVID-19 pandemic has caused hunger to spike, highlighting the need for radical reforms of the global food system to ensure its long-term resilience. But many fear that the United Nations Food Systems Summit on September 23 will entrench the current inequitable status quo instead of delivering real change.
Quantitative easing risks generating its own boom-and-bust cycles, and can thus be seen as an example of state-created financial instability. Governments must now abandon the fiction that central banks create money independently from government, and must themselves spend the money created at their behest.
explains why a decade of quantitative easing by central banks has merely fueled financial instability.