Update: We have published Make Believe Ballroom - April 1, 2021 Newsletter !
Make Believe Ballroom
We are witnessing the most destructive and misguided economic policy in Western economic history. Larry Summers recently said that the United States is conducting the “least responsible” economic policy in the last forty years, but this was an understatement. You have to look back to Weimar Germany to find anything close to the reckless monetary and fiscal policies promulgated by Western governments today. Having seen what happened nearly a century ago in the heart of Europe, you would think they would know better than repeat the same mistakes. But apparently they learned nothing from the lessons of history. Instead they invoke egregiously erroneous economic assumptions to justify borrowing and spending trillions of dollars to redistribute income and promote economic growth – goals their policies will never achieve. The incompetence, corruption and ignorance of politicians pushing these policies is only exceeded by that of central bankers enacting them; the only difference is that the latter dress up their actions in Orwellian doublespeak bereft of any intellectual or scientific merit. Fundamentally (and perhaps deliberately, because how misguided can these people possibly be?) misunderstanding basic concepts such an unemployment and inflation, central bankers exceed their statutory mandates and impose policies that destroy economies, currencies and equality. Criticism of what they are doing is far too tame. Their actions are profoundly immoral and will leave Western economies in a shambles.