'..Frankly, there is nothing that thrills my heart more than the potential – the hope – that Newt Gingrich will help or maybe lead the effort to install a new paradigm at the Food and Drug Administration. I have been writing about this for years. The FDA is the biggest obstacle to healthcare in the world. Period. It does not need to be reformed, it needs to be replaced with a 21st-century drug regulatory authority. (The food administration guys seem to do a pretty good job.) I don’t care whether you are an arch liberal or a rock-ribbed conservative, better healthcare and a longer healthspan should be of paramount interest to you. And the people that are blocking that future should be moved out of the way. And let me point out that 80% of the revolutionary biotechnology comes from the US. If we could simply free that up for small business and investors to exploit, we could create hundreds of thousands if not millions of high-paying ne w jobs. You want to see things change? Just saying…
There are a dozen different paths that the paradigm shift that Jeffrey Tucker writes about could take. As he says, that is the lesson we should all take from Hayek. Can I see a dark path ahead? Absolutely. Several of them. But can I see a better and more hopeful path? Certainly. The path will be chosen by us.
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I will have more to say in my letter on Wednesday. For now I will just note that the economic realities of the world have not shifted much in one week. We still have too much debt, not just in the US but around the world. Budget deficits are out of control, not just in the US but around the world. The reactionary forces of protectionism are loose, and the results might not be salutary for investors. Markets are stretched to valuations that have historically been dangerous.
I remain, as ever, a cautious optimist. But one who realistically knows that the future is uncertain and that Winter Is Coming.'
- John Mauldin,
This Could Be Our 1989, November 13, 2016
Context'..the infrastructure program to truly "make America great again."..''..deranged central bank policy encouraged continued speculation..''..Pentagon spending .. substantial and enduring budget reductions..'