by Mish
There were three “major events” and one of them is happening now.
I think there has been three major ”events” in my life..
1.1989 – Berlin Wall
2.2001 – 9-11
3.2017 – The “US Wall”
- All of them plays into the present political and economic instability.
- 1989 represented the opening of borders – Globalization Maximus
- 2001 turned the political agenda inwards and towards surveillance, distrust and closed borders
- 2017 Is the breaking of established rules, so much that I have done an analogy to the
Nixon Doctrine
1.Took US off the Gold standard – the Nixon Shock
2.Told allies to do more of their own defense – The Nixon Doctrine
3.Nixon had 100% domestic agenda (despite China opening….)
4.The White House bashed Fed constantly so much that Chairman Burns “was forced to move Fed policy against his will…”
5.Where Nixon’s Treasury Secretary John Connally famously told the European at the Rome, 1971, G-7 meeting: “It’s our dollar but your problem”….
Of course Trump is not copying Nixon per se, but with an incoming administration which is at best random on policies, I think it’s worth trying to have a “gauge” on other historic major changes..I think Nixon, his administration and the 1970s is worth a look.
This is an presentation so lot of charts needs the “narrative” – but I think you get the points – and more importantly – I look forward to you all pushing back or adding to this conversation.
Safe travels,
Steen
There’s plenty to think about, and I think Steen is generally correct.
Mike “Mish” Shedlock
