We ended the summer by saying that – barring another disastrous, COVID19-inspired, mass governmental embargo on everyday economic activity – the miners, makers, movers, and merchants of the things we need to run our lives when we are not scrolling through Instagram or pretending to pay attention to a yet another pointless Zoom conference would begin to make up ground lost in lockdown to the providers of such diversions. State interference would henceforth take other, more chronic forms of hindrance: tending deliberately to boost demand while making its satisfaction progressively more difficult. So far – broadly speaking – so good.
On the eve of what is shaping up to be a particularly momentous US election, we offer our view of what is at stake – both in the markets and out in the real world, far beyond the flickering screens of the trading room.
Thanks very much to my old friend, Steve Sedgwick at Squawk Box Europe for the chat this morning. We looked at Growth v Value, the US v ROW, we touched on bonds and borrowing, money supply, inflation, lockdown, commodities & gold – all in under 10 minutes!