Tuesday, September 29, 2020

Why I adore technocratic government.

The wise ones. The cognoscentipedes. The virtuous ones. They're just on top of things. Theories for this and theories for that. Third-world immigration. Spirit cooking. Crony capitalism. Globalism. Offshoring. Beggaring your productive citizens. Devising race fairy tales. Controlling hate speech. Pretty soon it adds up. The perfect society. Not what us schlubs manage to hammer out down in the weeds.

Something much better.

We’re seeing more deficit spending in 2020 than the past several years combined. The government will add more to the national debt this year than all presidents combined from George Washington to Bill Clinton.

* * * *

The next two decades of U.S. growth would look like the last two decades in Japan. Not a collapse, just a slow, prolonged stagnation. This is the economic reality we are facing.

And neither monetary policy nor fiscal policy will change that.[1]

[1] "We've Reached "The Endpoint" - Monetary And Fiscal Policy Won't Help." By James Rickards via The Daily Reckoning, 9/29/20 (emphasis removed).

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