The trouble with China’s new five-year plan is that it attempts to solve problems while leaving their underlying structural causes unaddressed. In this it is not unlike the final Soviet five-year plans of the 1980s.
Twenty years ago, it looked like Chile was well on its way to joining the world's small club of developed countries. But this path looks less and less likely as Chile abandons its commitment to freedom and markets.
It seems the reach and influence of central banks has never been higher, yet they are increasingly flying blind in an environment where central bank tools are growing ever more imprecise and dangerous.