I am consistently impressed with TTMYGH and his most recent, The Greatest, deserves to be shared. His conclusion is dead on.
I will leave you this week with a great observation from JPMorgan’s Kenneth Langdon, who had this to say about the coordinated interventions of central banks and politicians in the global economy:
“The net result of this partnership between fiscal and monetary authorities is a continuous drain of productive capital from the private sector into the non-productive public sector. Little of that capital will be put to productive use once in the hands of government bureaucrats. As a result of this decimation of capital formation in the private sector, growth will be permanently lower, which in turn creates a negative feedback for the collection of taxes. Major economies are literally being bled to death by this drain of capital from productive uses. Voters are sanctioning this economic suicide.”