The markets distrust democracy. Just ask the masters of Beijing and Moscow
Why is the democratic world faring so much worse in this crisis than its authoritarian rivals?
One Freedland J goes on to say:
Given that it is the markets who call the tune, the question then becomes one\’s ability to dance to it most nimbly – and in that endeavour democracy is an impediment……..Why is the democratic world faring so much worse than its non-democratic rivals in the current storm?…….None of these headaches press the same way on the masters of Beijing or Moscow. \”Vladimir Putin is the most powerful human being in the world,\” says the political scientist and head of the Eurasia Group, Ian Bremmer. \”He can change his country on a dime\” – unrestrained by the rule of law or by any meaningful democratic checks…….Similarly China\’s rulers can switch national budgetary priorities in a heartbeat, spending trillions on stimulus with a stroke of a pen………Indeed, it is democracy itself that the markets seem to despise…….
So, let us take a look at how the markets price this democracy shit shall we? Government bond yields are the best measure we have.
So I think we can tell Freedland to bugger off there. And this is just jaw droppingly stupid:
The larger problem of democracies\’ weakness has not been caused by the economic crisis, so much as revealed by it. The growth statistics for the pre-crash decade tell a revealing story. The EU, US and Japan did OK, clustered together in the low single digits. But China and Russia enjoyed figures nearly twice as high. The best performing economies were the most authoritarian states.
Err, no, the best performing countries were the poor c0untries. As we\’d expect: it\’s harder to invent the new stuff when you\’re already at the production frontier, a lot easier to copy what has already been discovered and invented.
Idiotic twattery the man is spouting.