George Magnus is an advisor the the financial giant UBS and is credited with predicting the 2008 financial crisis. In a recent investment note for UBS that is floating around the internet, he writes about the current financial and political situation,
"our political elites and belief systems have been shaken, and consensus has fractured. It seems that we are having sometimes esoteric tiffs between Keynesians and Austrians about if and how governments should sustain jobs and growth. But, deep down, we are having a much more significant debate as we are being forced to redefine what we think about the rights and obligations of citizens and the State."
So true. But it is not clear that everyone understands that this debate is taking place or what the implications will be of the outcome.
No comments:
Post a Comment