The point in highlighting these examples is to remind you that people’s opinions, especially those with a vested interest in a certain outcome, may not always be trustworthy. We simply urge you to examine the facts and data before blindly relying on others.
Barack Obama is one of the biggest “Keynesians” of all time, but unfortunately most Americans don’t even understand what that means. By propping things up in the short-term, he has absolutely demolished our long-term economic future. But like most politicians, Obama has been willing to sacrifice the future for short-term political gain.
"...there is a long way to go between President-elect taking office, drafting bills and getting them passed. There is even a further period of time before any actions actually passed by the Trump administration actually create perceivable effects within the broader economy. In the meantime, there are many concerns, from a technical perspective, that must be recognized within the current market environment."
On this Thanksgiving, no matter how hard it may be to avoid getting into a heated political with friends and family, be thankful that at least the holiday itself is no longer marred by partisanship. After all, holidays should always be about time enjoyed with loved ones, far beyond the machinations of government tyrants.
"The political upheaval of Donald Trump is best understood through the lens of economic erosion suffered by the vast majority of people. If a democracy is measured in how well it serves the interests of the majority, the United States is not a democracy at all. Of course, nearly everyone already knows this. But it's been all but unspeakable in polite circles to say so. Now, it is finally becoming okay to voice."
Donald Trump's election as next US president has given the gold price a short-term 'uncertainty' trading boost. However, Trump's keen interest in the gold standard is a trend worth watching over the next 4 years.
"We are experiencing deep economic problems and it is the fault of the economics discipline. Their macro theories suck... But, there is no mechanism forcing it to alter its models when they don’t appear to work."
With all eyes on the drop in the British Pound, it is another 'pound' that is utterly collapsing. Despite its official exchange rate is 8.88 per dollar, Egypt’s pound dropped to 16.11 per dollar in the black market, another record that extends declines over the past month to 19% and down over 40% since it devalued in March.
"The hubris of central bankers who somehow believe they will know the precise time to alter easy money policies in order to prevent a monetary disaster is only exceeded by the foolishness of Congressional oversight in granting that authority."
[The establishment] needs no reminder of the historical record, but it bears noting that more than a dozen advanced economies received debt relief in one form or another during the depression of the 1930s. The approach to unwinding current debts is likely to vary considerably across countries, but it is time to place greater emphasis on debt restructuring (which comes with a menu of options) than on accumulating more debt.
"As for the campaign for zero cash in the service of negative interest rates, Mr. Rogoff’s brief is best seen not as detached scientific analysis but as a kind of left-wing crotchet. Strip away the technical pretense and what you have is politics. The author wants the government to control your money. It’s as simple as that."