January 2025
It seems few people today know about the Smoot-Hawley Tariff Act of 1930. At that time, one year into the Great Depression, the economies of Canada and the United States were in the dumps and political isolationism ushered in a protectionist trade policy that was prescribed as an antidote to job losses.…
December 2024
Around the middle of December, advisory firms and the people who work for them start putting out their retrospectives regarding the year that is just about to end and / or offer their forecast for the new year. I have long argued that forecasting is a mugs game. To the extent that I…
November 2024
Citizens throughout the western world have been coddled into believing economic growth and improved prosperity are their birthright. It's the elephant in the room. When historically prosperous people go to the ballot box, they routinely punish incumbent governments for what they believe are economic hard times. The old adage of “a car in…
October 2024
Nobody knows what will happen in the US election that’s just around the corner. Many people think no one should modify a portfolio in anticipation of an expected outcome. This is common advice now because things are so tight. But what we do know is that both candidates will be protectionist as President,…