A new Washington consensus

The conversion by the IMF and World Bank to support the activist state would put Saul of Tarsus to shame

Fiscal probity, long the core of IMF prescriptions (the joke was that the initials stand for “it’s mostly fiscal”), is no longer about reining in public spending  

The IMF even suggested that rich countries could consider net wealth taxes, apparently channelling leftwing US senators Elizabeth Warren and Bernie Sanders. 

Martin Sandbu FT 11 April 2021

https://www.ft.com/content/3d8d2270-1533-4c88-a6e3-cf14456b353b

Governments should avoid deficits, liberalize trade and trust in markets. Taxes and social programs shouldn’t discourage work. This canon came to be known globally as the “Washington consensus” and in the U.S. as neoliberalism.

WSJ 7 April 2021

https://englundmacro.blogspot.com/2021/04/if-3-trillion-in-stimulus-is-ok-why-not.html

Economic theory discredited

https://internetional.se/aztopics.htm#economictheory