09-07-2020, 12:59 AM
Donald Trump has largely touted stock-market valuations as proof of his competence at economic stewardship. Because such valuations often have no connection to any reality other than a current multiple of income with a fudge factor of what speculators bid, share values can rise to preposterous heights in a speculative boom and then collapse. Wages and employment are typically lagging indicators in the economy.
We need remember that speculative booms are themselves disasters for devouring assets and inappropriate investments.
We need remember that speculative booms are themselves disasters for devouring assets and inappropriate investments.
The ideal subject of totalitarian rule is not the convinced Nazi or the dedicated Communist but instead the people for whom the distinction between fact and fiction, true and false, no longer exists -- Hannah Arendt.