The Market Ticker - Falling Chainsaws

If you’ve read this column for any length of time you know I’m not in any way bullish on the intermediate and longer-term path our government and fiscal policy are on.  In fact the problems go back for at least 20 years and arguably 40 in that every challenge has been met with more and more government credit emission.

Now a certain amount of this might be tolerable — roughly that which is covered by the improvement in productivity.  In my book Leverage I argued (and still do) that even at this level its theft, because productivity doesn’t improve because government improves (that is, it would be “theirs” to dole out) it improves because people improve things.

Since we cause it we should get the benefit,…….

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