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Bears, Eternal Bulls and Distortions

As I put the headphones on for the commute to work, something Ross Gittins said resonated. I’ve often heard the likes of Warren Buffet preaching similar things about never betting against the power of ‘the people’. Time and time again, our societies have faced adversity; in war, in drought, in cyclones, in economic crises and in technological revolutions. The naysayers herald in the doom and gloom but we are resilient. As my mother always said, “where there’s a will, there’s a way.” To Elon Musk and your tech boom that’s going to leave everyone jobless I say, jog on. There may be a period of structural adjustment which involves higher than trend unemployment but we will find a way. We will adapt and we will resume the march forward. We will do this in spite of continued irresponsible government intervention and distorted markets.

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  1. Astronomically high household debt
  2. A lack of business investment
  3. Low labour force participation and high underemployment.
  4. Negative real wage growth
  5. Overheated housing market
  6. Flattening mining industry

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