Why Americans Get Poorer

by Bill Bonner
Acting Man

Secular Stagnation

OUZILLY, France – Both our daughters have now arrived at our place in the French countryside. One brought a grandson, James, now 14 months old. He walks along unsteadily, big blue eyes studying everything around him.

[…] He adjusted quickly to the change in time zones. And he has adjusted to the French culture, too – he likes gnawing on a piece of tough local bread. But when she has trouble getting the little boy to sleep, our daughter asks Grandpa for help.

His technique is simple. He takes the boy on his knee. Then he begins by explaining the role of money in the economy, subsequent to 1971. If that fails to do the trick, he follows with a discourse on Fed policy mistakes. Within minutes James has fallen fast asleep…

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