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2016-09-12

John Mauldin on Jackson Hole, a profound sense of sadness over our global economic leadership’s obvious lack of understanding of the real world

I found few if any fresh ideas, or at least none that would truly be helpful. Even the calls for “reformed thinking” turned out to be just variations on the same old thinking. 

For instance, rather than targeting inflation at 2%, why can we not think about 4% inflation? Instead of worrying about GDP, couldn’t we worry about nominal GDP? As if such minor variations on old themes would make any real difference to employment or growth.

Indeed, what was revealed in the papers and discussions and then in the interviews that followed the conference alarmed me and in some cases truly outraged me to the point that I was spitting epithets. 

When the dust settled, I was left with a profound sense of sadness over our global economic leadership’s obvious lack of understanding of the real world.

John Mauldin, 4 September 2016



I’ve spent the last few days working on what I think will be one of my most important newsletters ever. 

The more I researched and wrote, the more concerned I got at the direction our monetary and political authorities want to take us. The words I wrote led me to conclusions I could not believe.
Trying to prove myself wrong, I’ve spent hours on the phone and in person with some of my best sources. They think I’m right – which doesn’t make me feel any better.
The long and short of it is, our central bankers have set themselves up as the high priests of an economic religion. They hold certain doctrines on faith, and nothing will shake that faith. That’s the same impulse that drove ancient religious leaders to “policy decisions” like human sacrifice. The gods demand it, so it must be done. Too bad for all the victims.
The high priests of the global economy are so confident in their anachronistic dogma that they seem intent on sacrificing all of us, or at least those of us who depend on our savings and investments.
Time will prove the wizards of central banking wrong, but by then a lot of people will have been hurt.


John Mauldin 11 September 2016

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