Commentary

“Economics is extremely useful as a form of employment for economists” – John Kenneth Galbraith, Economist

“You’re thinking of this place all wrong. As if I had the money back in a safe. The money’s not here. Your money’s in Joe’s house… right next to yours. And in the Kennedy house, and Mrs. Macklin’s house, and a hundred others…” – George Bailey, “It’s a Wonderful Life”

“The whole reason that our capitalist system works the way it does is because there are cycles, and the cycles self-correct.” – Seth Klarman, Baupost Group

“Containment of inflation is fundamental to a restoration of sound economic growth.” – Treasury Secretary George William Miller, 1979

“We’ve grown dependent on American consumers as the world’s spenders of last resort. They’ve kept Europe out of recession, allowed China to industrialize, and prevented global deflation.” – Evan Davis, British economist

“There are decades where nothing happens; and there are weeks where decades happen.” – Vladimir Ilyich Lenin

“There are known knowns… there are known unknowns… but there are also unknown unknowns.” – Donald Rumsfeld, former Secretary of Defense

“The amateurs discuss tactics. The professionals discuss logistics.” – Napoleon Bonaparte

After a year of lockdown, U.S. households have begun to spend savings that accumulated during the pandemic.