The Wile E. Coyote Economy

Laurence Articles

“U.S. GDP will contract 30% in second quarter,” blared an April 8 headline in Reuters Business News, apparently intended to sow as much panic as possible. In the Great Depression, real GDP shrank by about 27% from the 1929 top to the 1933 bottom, so the Reuters headline heralds what amounts to the worst news in American history, if it’s …

The Future of Liberal Democracy

Laurence Articles

Americans enjoy the economic prosperity and freedoms of its liberal democracy. But our elevated stature is threatened. As the U.S. recoils from the world, the era of U.S. dominance might be ending. That is an essential takeaway from Richard Haass’ modestly titled new book, The World: A Brief Introduction. If investors and their advisors, or ordinary citizens, want to understand …

A Misguided and Harmful View of Trade Deficits

Laurence Articles

President Trump, like many others along the political spectrum, has derided the persistent U.S. trade deficit – particularly with China – as a waste of capital leaving our country. The view that the U.S. would benefit by correcting this imbalance is taken up in a new book, with a message that should concern all financial market participants. Trade Wars are …

CATO Institute interview about Fewer, Richer, Greener with Bryan Caplan and Chelsea Follett

Laurence Articles

The world is doomed, many people argue, citing poverty, dwindling natural resources, and an allegedly unsustainable rate of population growth. They say there are just too many problems to overcome. But is that really the case? In his book Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance, Laurence Siegel shows that the world has improved―and will likely …

Current Myths and Long-Term Optimism

Laurence Articles

Capital Allocators Podcast is also available on Apple Podcasts, Spotify, Google Play, Stitcher, Overcast, or wherever you get your podcasts (RSS link). Lavish thanks to Ted Seides for organizing and conducting this interview. Please visit his web site at https://capitalallocators.com! The interview has been edited for clarity and readability.