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If governments are to be held responsible for investment and unemployment, they must control monetary policy. And, while central banks strive to maintain the appearance of independence, they often do what governments want.

Unless economists recognise the existence of inescapable uncertainty, there can be no macroeconomic theory, only prudential responses to emergencies.

In Putin's third presidential term, dissidents are routinely dubbed deviants, fifth columnists, and traitors, as the regime leads a drive for national unity based on religion, tradition, and paranoid rhetoric. For the moment, Putinism is the only game in town.