The following speech was delivered at the Federal Reserve Bank of New York’s 40th Annual Central Banking Seminar on Wednesday, October 5, 2016.
It is both an honor and a very special opportunity for me to be able to address such a large and esteemed group of central bankers at such an interesting time for central bankers. I especially want to thank President Dudley and Vice President Schetzel for inviting me to forthrightly share my perspective as an investor and my unconventional template that I believe sheds some light on the very unconventional circumstances that we face.
It is no longer controversial to say that:
…this isn’t a normal business cycle and we are likely in an environment of abnormally slow growth …the current tools of monetary policy will be a lot less effective going forward …the risks are asymmetric to the downside …investment returns will be very low going forward, and …the impatience with economic stagnation, especially among middle and lower income earners, is leading to dangerous populism and nationalism.
This post was published at FinancialSense on 10/06/2016.
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