“Trend is not destiny because trend can be changed” -Gene Epstein Stock market gyrations driven by headlines emanating from Europe have returned. In May voters in France and Greece rejected political leaders supporting fiscal reform. Markets lurched again in June following German Chancellor Merkel’s statement, “Not during my lifetime,” regarding a proposal that Germany back-stop […]
“You can’t escape the responsibility of tomorrow by evading it today” -Abraham Lincoln A few weeks ago I had the opportunity to hear General Martin Dempsey, Chairman of the Joint Chiefs of Staff, speak in New York. When asked why he accepted the position given the treacherous geopolitical landscape he replied, “Why wouldn’t I? We’re […]
“Once politics become a tug-of-war for shares in the income pie, decent government is impossible” – Friedrich Hayek Mr. Hayek was right! One year ago I thought 2011 would be the year politicians tackled fiscal reform. After all, government policy has been the wildcard overshadowing global markets since the financial crisis erupted in 2008. Whether […]
“During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell A few weeks ago while in a diner I overhead a comment from a local politician that captured the essence of George Orwell’s quotation. The official said quietly to another person that the donor base supporting his political party was comprised […]
Since the financial crisis of 2008 the Federal Reserve has been working to satisfy its dual mandate of maximizing economic growth while also curtailing inflationary pressures. A first round of Quantitative Easing was followed by QE II, yet still the strength of the recovery is tepid.