Despite this economic outlook, the stock markets in the last three months have agreed with the unstated assumptions in the whispers of "green shoots" - that growth is a prerogative of the modern era, that rebounds are always V-shaped and that central banks and politicians have abolished the business cycle that has plagued economic life since ancient times.

BBC: City Diaries: 4 June

Yet the progressive economic policy-making coming out of Washington today rests on the futile attempt to escape the corporate cycle of life that lies at the heart of capitalism.

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