Beware the Biden boom – The Property Chronicle
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Beware the Biden boom

The Fund Manager

Many parts of the economy have suffered no ill effects from Covid – the US government should restrain its largesses

One year after the emergence of covid as a threat to our daily existence, a peculiar narrative has taken hold whereby the undoubted turmoil of the past 12 months is being treated as a general economic catastrophe. The mismatch between rhetoric and reality is reflected in the degree of monetary and fiscal stimulus being enacted and promised for the future, while the expansion of government regulation over both commerce and private behaviour seems likely to far outlast the medical emergency.

All of the above may seem preferable to the bleak future that threatened to engulf us in March 2020, but what started as a slew of emergency measures designed to prevent a deflationary bust has been expanded to a programme that threatens to place us in the alternative hell of an inflationary boom. The inconvenience of daily staples being unavailable last spring is being replaced by an equally dramatic shortage of household and corporate goods, as surging demand meets the reality of logistical and manufacturing capacity that is already being overwhelmed by current spending. 

The Fund Manager

About Michael Shaoul

Michael Shaoul, PhD is the Chairman and CEO of Marketfield Asset Management and the portfolio manager for Marketfield Fund and Marketfield George Town, SPC. He is one of the founding partners of Marketfield, formed in 2007, having previously served as CEO of Oscar Gruss & Son Inc. He is the Treasurer of American Friends of Tel Aviv University and a member of the Board of North American Friends of Manchester University.

Articles by Michael Shaoul

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