October 24, 2018

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Economic strategies distorted by political priorities

John Maynard Keynes

Both sides of this debate support the need for structural reforms, but Keynesians argue that austerity makes them more difficult to achieve. For instance, if you wish to liberalize the labour market, the initial consequence is likely to be higher unemployment. You need to cushion that through state benefits until the delayed greater efficiency produced by reforms comes through. [Read more…]

Metals or Paper for Long-Term Asset Value

Gold Investment

Gold Investment

Gold has made idiots of the Swiss, French, Dutch, Portuguese and British central bankers, who sold off 2,671 tons of their holdings at low prices between 2000 and 2009. And of mainstream fund managers who have shunned the asset for decades, misquoting economist John Maynard Keynes as dismissing it as “a barbarous relic” (he was writing in 1924 about the gold standard, not about gold itself). [Read more…]