by Mike ‘Mish’ Shedlock
The word of the day is “ugly”. That’s how Steen Jakobsen, Saxo Bank CIO and chief economist describes the US presidential campaign, broken social contracts, public debt, and productivity.
Things are so ugly, Jakobsen says “failure is almost guaranteed” regardless of who wins the election.
[…] This is a guest post by Steen Jakobsen. The original appears at US Election: Nothing to lose — #SaxoStrats
US Election: Nothing to Lose
My present macro speech is titled “Ugly: Don’t fight with ‘ugly’ people as they have nothing to lose”.
To me, this is the essence of the US presidential campaign. The ugly truth surrounding this ballot lies in the bigger picture, as whomever becomes president will go down in history as the “non-president” – the president who made us need, see, and demand something else.