December 6, 2017 - By Paolo von Schirach: "It is really hard to properly assess the Republican tax reform proposal now discussed in Congress. Many details have yet to be ironed out. Sure, in principle we can agree that a basic reform leading to a simplification of the almost incomprehensible U.S. Tax Code would be much better than the confusing morass we have now."Read More
December 5, 2017 - By Paolo von Schirach : "Despite some last minute confusion regarding the timing of his exit, Robert “Mad Bob” Mugabe is finally gone. He is a despot, a cruel dictator, and the undisputed author of Zimbabwe’s economic ruin. After 37 years of autocracy, is this finally good riddance? Well, I would not bet on a good outcome. A happy ending is highly unlikely. Indeed, this sudden change at the top of the government in Zimbabwe is certainly not about an injured nation that finally rebels against its tormentor, forcing him out of power while creating genuine foundations for democratic rule and true accountability."Read More
December 4, 2017 - By GPI Fellow Martin Hutchinson : " 'True investing is not the same as gambling' said Isabella Kaminska in The Financial Times recently. Yet in today’s world, I’m damned if I can spot the difference. Bonds are a one-way bet to losses; the stock market is at levels it should not have reached until 2075; London real estate is at levels it should never have reached at all; and only crypto-currencies appear to offer sound long-term value. Whatever the differences were between investing and gambling, they have disappeared. That reality has unpleasant implications for our future."Read More
November 21, 2017 - By GPI Fellow Martin Hutchinson: "Capitalism requires capital. The process of industrialization is partly one of technological advance; but it is also one of increasing capital use in the economy. However, when the return to capital is forced below zero, as in the last decade, the capital base shrinks, the economy misbehaves and productivity declines, in spite of technological wizardry. Thanks to the world’s central banks, that is happening now in every advanced country. The rich world’s economy is thus in a death spiral, and it is not clear what forces can be used to get us out."Read More
November 20, 2017 - By Michael Binyon: In the Middle East, one of the world’s most strategic regions, Russia now holds all the cards in its hand. President Putin’s recent visit to Tehran, where he signed a $30 billion energy deal, completes the total of the countries he has courted that now depend crucially on Moscow for future economic and political stability. Meanwhile America, once a controlling power in the region, is nowhere to be seen.Read More
India’s Incredible Pollution
India’s fantastic air pollution levels have become national tragedy. The following excerpt from a recent The Washington Post story from New Delhi illustrates the magnitude of this crisis. As a government official recently stated, the capital of India has indeed become a “gas chamber” for its millions of citizens.