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Financial Times/Gavyn Davies/12-27-2020
“The direction of secular stagnation after the pandemic passes into history will be crucial for asset prices.”
USAGOLD note: Liberal economists, like former Treasury Secretary Lawrence Summers, are calling upon the Biden administration to launch an “economic Marshall Plan”, according to Davies. At the same time, he warns that such a policy direction might have an adverse effect on financial markets. “Investors,” he says, “should be careful what they wish for.” Few, if any, on the Biden administration’s economic team will oppose what Summers & Company is pushing.
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