"Financialization" is the process by which a normal economy is transformed into a fragile economy centered around financial firms. Central banks and government bailouts are to blame.

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Finn Kydland and Edward C. Prescott (KP), the 2004 Nobel laureates in economics think that technological shocks can explain 70 percent of economic fluctuations in postwar US data. Unfortunately their quantitative methods are simplistic and ignore the real problem: central banking.

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