{"id":13554,"date":"2016-07-09T17:23:28","date_gmt":"2016-07-09T21:23:28","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=13554"},"modified":"2016-07-09T17:23:28","modified_gmt":"2016-07-09T21:23:28","slug":"michael-pettis-secular-stagnation-will-last-several-more-years","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/michael-pettis-secular-stagnation-will-last-several-more-years\/","title":{"rendered":"Michael Pettis: Brexit could speed breakup of the Euro"},"content":{"rendered":"<p><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"525\" height=\"296\" src=\"https:\/\/www.youtube.com\/embed\/S0v_QWqqwn0?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n<p>On secular stagnation: &#8220;I don&#8217;t see growth picking up until you either redistribute income downwards &#8212; which is politically quite difficult and slow &#8212; or developed countries which are credible borrowers engage in massive infrastructure spending &#8212; which would be a great idea but politically difficult &#8212; so I&#8217;m afraid secular stagnation is going to last several more years.&#8221;<\/p>\n<p>On BREXIT: &#8220;I&#8217;m not to optimistic that the Euro will be around in 10 years&#8230;BREXIT could speed up the process if England does well.&#8221;<\/p>\n<p>On future crises: &#8220;It&#8217;s always the same thing: a huge switch from New York to Washington (in American terms) where policy begins to dominate the whole process&#8230;because the solutions to the problems are political solutions, not really economic or financial solutions&#8230;&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On secular stagnation: &#8220;I don&#8217;t see growth picking up until you either redistribute income downwards &#8212; which is politically quite difficult and slow &#8212; or developed countries which are credible borrowers engage in massive infrastructure spending &#8212; which would be a great idea but politically difficult &#8212; so I&#8217;m afraid secular stagnation is going to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/michael-pettis-secular-stagnation-will-last-several-more-years\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Michael Pettis: Brexit could speed breakup of the Euro&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41,15,28,33,34],"tags":[497,2295,2702,3062],"class_list":["post-13554","post","type-post","status-publish","format-standard","hentry","category-china-hk","category-investment-saving","category-taxes-inequality","category-uk-europe-countries-regions","category-us-canada-countries-regions","tag-brexit","tag-michael-pettis","tag-political-solutions","tag-secular-stagnation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Michael Pettis: Brexit could speed breakup of the Euro - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Michael Pettis: Brexit could speed breakup of the Euro - the patient investor\" \/>\n<meta property=\"og:description\" content=\"On secular stagnation: &#8220;I don&#8217;t see growth picking up until you either redistribute income downwards &#8212; which is politically quite difficult and slow &#8212; or developed countries which are credible borrowers engage in massive infrastructure spending &#8212; which would be a great idea but politically difficult &#8212; so I&#8217;m afraid secular stagnation is going to &hellip; Continue reading &quot;Michael Pettis: Brexit could speed breakup of the Euro&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/michael-pettis-secular-stagnation-will-last-several-more-years\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-09T21:23:28+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2016\\\/07\\\/09\\\/michael-pettis-secular-stagnation-will-last-several-more-years\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2016\\\/07\\\/09\\\/michael-pettis-secular-stagnation-will-last-several-more-years\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Michael Pettis: Brexit could speed breakup of the Euro\",\"datePublished\":\"2016-07-09T21:23:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2016\\\/07\\\/09\\\/michael-pettis-secular-stagnation-will-last-several-more-years\\\/\"},\"wordCount\":140,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"BREXIT\",\"Michael Pettis\",\"political solutions\",\"secular stagnation\"],\"articleSection\":[\"China &amp; 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which is politically quite difficult and slow &#8212; or developed countries which are credible borrowers engage in massive infrastructure spending &#8212; which would be a great idea but politically difficult &#8212; so I&#8217;m afraid secular stagnation is going to &hellip; Continue reading \"Michael Pettis: Brexit could speed breakup of the Euro\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/michael-pettis-secular-stagnation-will-last-several-more-years\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_published_time":"2016-07-09T21:23:28+00:00","author":"ColinTwiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ColinTwiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/michael-pettis-secular-stagnation-will-last-several-more-years\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/michael-pettis-secular-stagnation-will-last-several-more-years\/"},"author":{"name":"ColinTwiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/cb072791ac83e8bae585007c133d54a5"},"headline":"Michael Pettis: Brexit could speed breakup of the Euro","datePublished":"2016-07-09T21:23:28+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2016\/07\/09\/michael-pettis-secular-stagnation-will-last-several-more-years\/"},"wordCount":140,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["BREXIT","Michael Pettis","political solutions","secular stagnation"],"articleSection":["China &amp; 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How abundant capital and investment in unproductive works may lead to long-term stagnation: \u201cPanics do not destroy capital,\u201d John Mill proposed in his 1868 paper to the Manchester Statistical Society. \u201cThey merely reveal the extent to which it has been\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14847,"url":"https:\/\/thepatientinvestor.com\/index.php\/2017\/02\/19\/michael-gove-on-brexit-productivity-and-innovation\/","url_meta":{"origin":13554,"position":2},"title":"Michael Gove on Brexit, productivity and innovation","author":"ColinTwiggs","date":"February 19, 2017","format":"video","excerpt":"Interesting viewpoint on Brexit.\u00a0 How the EU became anti-innovation, erecting barriers to entry which favor incumbents. https:\/\/youtu.be\/qGL2xEVjAcM","rel":"","context":"In &quot;Investment &amp; Saving&quot;","block_context":{"text":"Investment &amp; Saving","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/investment-saving\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/img.youtube.com\/vi\/qGL2xEVjAcM\/0.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13734,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/16\/secular-stagnation-2\/","url_meta":{"origin":13554,"position":3},"title":"Secular stagnation?","author":"ColinTwiggs","date":"August 16, 2014","format":false,"excerpt":"Economic recovery after the Great Recession has been disappointing. Employment levels remain low. Official unemployment figures ignore the declining participation rate. Employment levels, in the 25 to 54 age group, for males remain roughly 6%, and females 5%, below their previous peaks. Using the 25 to 54 age group eliminates\u2026","rel":"","context":"In &quot;Market Insights&quot;","block_context":{"text":"Market Insights","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/market-insights\/"},"img":{"alt_text":"Employment levels","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-16-employment.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-16-employment.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-16-employment.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":10610,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/08\/15\/secular-stagnation\/","url_meta":{"origin":13554,"position":4},"title":"Secular stagnation?","author":"ColinTwiggs","date":"August 15, 2014","format":false,"excerpt":"Economic recovery after the Great Recession has been disappointing. Employment levels remain low. Official unemployment figures ignore the declining participation rate. Employment levels, in the 25 to 54 age group, for males remain roughly 6%, and females 5%, below their previous peaks. Using the 25 to 54 age group eliminates\u2026","rel":"","context":"In &quot;Bonds&quot;","block_context":{"text":"Bonds","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/asset-classes\/fixed-income\/"},"img":{"alt_text":"Employment levels","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-16-employment.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-16-employment.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2014\/2014-08-16-employment.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13509,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/06\/27\/brexit-an-indictment-of-direct-democracy-or-vulgar-politics-as-usual-the-diplomat\/","url_meta":{"origin":13554,"position":5},"title":"Brexit: An Indictment of Direct Democracy or Vulgar Politics as Usual? | The Diplomat","author":"ColinTwiggs","date":"June 27, 2016","format":false,"excerpt":"By Ankit Panda: Consider Boris Johnson, the man who appears best positioned to emerge as the UK\u2019s next prime minister. 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