Great Reset

Twitter is up in arms about a plan by the Illuminati Fed Cabal to reshape the world to give them more control. I’m not totally convinced, but this inclines me to the view. You can read the conspiracy theory here. I signed up to Bitchute to get more of this stuff!

Markets

Basically, this was a reverse rotation into pandemic megacaps. Not really risk on or risk off. No major economic news, but it seems that the rapid recovery we had seen is now running out of steam. Yields fell a bit, and the dollar fell a tiny bit. Bitcoin continued its meteoric rise. It has to fall at some point, but as $TSLA has shown an asset with no means of producing any income can rise for a lot longer than anyone can remain solvent. The more the skeptics point out how insane the valuation is, the more it rallies.

UK Green New Deal

What is depressing about UK politics is how devoid politicians are of coming up with anything remotely original in terms of policy ideas. Boris Johnson is promising wholly implausible benefits from a so-called Green Industrial Revolution. It’s truly pathetic. There are good ideas around. The Copenhagen Consensus has loads of them. But politicians much prefer to listen to idiot celebrities and opinion polls. The Conservative Party has always shied away from rational economic analysis, and it’s doing so again. The UK has had a terrible economic performance, relative to the rest of the world, since the second world war. Nobody, however is ever held to account. Just as the policies enacted in response to the Covid-19 pandemic have never been analyzed against alternatives considered at the time, nothing is ever revisited.

Brexit is heading to be a disaster, with all the policy energy taken up looking at fisheries and industrial policy. It seems clear that the economic damage, which might have been minimal if we’d actually pursed free trade, will be severe.