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“Build Back Better” Might Not Be Sufficient

The C D Howe Institute in Toronto published an Intelligence Memo by William White on 14 April. He suggests that at least four of the global systems needed for human survival and progress are showing signs of extreme stress. Our market based economic system, the environmental system, our democratic political systems and our public health systems are all in danger. Since the underlying problems must be dealt with urgently and simultaneously, “build back better” seems inadequate as a clarion call for action. Canada has certainly contributed to the development of these global problems but, by taking appropriate measures to address them speedily at the national level, Canada might encourage other nations to do the same.

https://www.cdhowe.org/intelligence-memos/william-white-%E2%80%93-build-back-better-may-not-be-sufficient

 

Posted by williamw

“The Great Demographic Reversal”: a book review

Charles Goodhart and Manoj Pradhan recently published a book called “The Great Demographic Reversal: Aging societies, waning inequality and an inflation revival”. William White’s review of this book was published in “The Market” on 1 December 2020. White strongly recommends reading this book, both for the clarity and force of the arguments it contains but also its bravery. Contrary to informed opinion that deflation looms, the book suggests that demographic changes at the global level might be leading to both slower real growth and more inflation. Goodhart and Pradhan then spell out some of the unpleasant side effects of such developments. White generally concurs, but presents some arguments for expecting even more inflation thanGodhart and Pradhan seem to suggest.

https://themarket.ch/meinung/will-the-next-decade-see-the-return-of-inflation-ld.3096

Posted by williamw

Economic Dominoes Are Starting to Drop

In a Forbes magazine article published on 1 May, John Mauldin referred to William White as “the former chief economist at the Bank for International Settlements and my favorite central banker”. In the article, Maudlin refers to the massive and dangerous growth in global debt since 2009 (pre pandemic) and the enabling role played by monetary easing.

https://www.forbes.com/sites/johnmauldin/2019/05/01/economic-dominoes-are-starting-to-drop/#2f17084d7cec

Posted by williamw