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Axel Merk


Blame Game


What citizens in the U.S., Egypt, Japan, and Greece, to name a few, have in common, is that they have seen their standard of living erode. As a result, people are upset and looking to blame someone, providing fertile ground for populist leaders. As I will elaborate on, there are important implications for investors.


Let’s start with the U.S.: I have at times quipped that politicians have a better chance of being elected if they can distill their political message into the length of a tweet. Except it’s not a joke. The rise of the Tea Party and Occupy Wall Street movements are, in my assessment, a direct result of a loss in purchasing power (stagnant to lower real wages) over the past decade for so many. The increasing polarization of U.S. politics is no accident. Conversely, however, unless one believes there will be a surge in real incomes, this trend ... Log in or subscribe to continue reading.

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