• explaining how the global system has fallen further and further behind in meeting the legitimate aspirations of hundreds of millions of people on multiple continents, including those related to economic betterment, remunerative employment, and financial security;
• detailing why the world is having such difficulties growing, why countries are becoming increasingly unequal, and why so many people live with this recurrent sense of financial instability and even distress; and
• shedding light on why so many political systems struggle mightily just to understand fast-moving realities on the ground and catch up with them, let alone direct them to better destinations. By living in this world, most of us have already observed either directly or indirectly a set of unusual, if not previously improbable, changes.
It is a phenomenon that is being felt at multiple levels. And, so far, all this is just the beginning. In the years to come, this extremely fluid world we live in is likely to pull us further out of our comfort zones; and it will challenge us to respond accordingly. And we shouldn’t just wait for governments to make things better. Unless we understand the nature of the disruptive forces, including tipping points and T-junctions, we will likely fall short in our reaction functions. And the more that happens, the greater the likelihood we could lose control of an orderly economic, financial, and political destiny — both for our generation and for future ones.
To keep this introduction from getting overly long, I’m going to go ahead and hit the send button rather than adding my usual personal comments. Have a great week, and I think you will enjoy this weekend’s letter. It is guaranteed to make you think and is probably a little controversial as well. Let’s just say that it’s an open letter about economic policy to a potential future president.
Your continuing to be concerned about central bank policy analyst,
John Mauldin is editor of Mauldin Economics' Outside The Box.