Bubbles can really lead to golden ages of productive growth. /John Thornhill, FT, 5 March 2021/ However, the present one seems to be the bubble of a late-stage bull market in the latest chapter of the information technology revolution that started in the 1970s.
Short-term financial carnage is coming soon, partly because the green transition has been extremely slow.
The present bubbles are still not the products of the financial excesses of the transition to a “smart, green, fair and global economic growth” crafted by Carlota Perez. They are still the old ones.
We need future financial excesses with new productivity explosions.
Governor Matolcsy, MNB, the Central Bank of Hungary
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