Mauldin Newsletters

Ray Dalio Is Kinda, Sorta, Really Wrong, Part 2

2019-06-14T09:00:00+00:00

Last week we started a mini-series in the form of an open letter responding to a series of essays by Ray Dalio, the founder of Bridgewater Associates. I wrote that he was kinda, sorta wrong in Why and How Capitalism Needs to Be Reformed, Parts 1 and 2 but really, really wrong in It’s Time to Look More Carefully at ‘Monetary Policy 3 (MP3)’ and ‘Modern Monetary Theory,’ in which he basically endorsed MMT. Today I continue my response.

Ray Dalio Is Kinda, Sorta, Really Wrong

2019-06-07T09:00:00+00:00

“The ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually slaves of some defunct economist.” —John Maynard Keynes

The Trump Trade War Recession?

2019-05-31T09:00:00+00:00

Publisher’s Note: John Mauldin is recovering from a minor illness. He’ll be back next week. Meanwhile, with trade disputes still roiling markets, below is a still-timely letter he wrote last year. You should definitely read it again. —Ed D’Agostino

Why Debt Won’t Spark Inflation

2019-05-24T09:00:00+00:00

Modern technology was supposed to make travel less necessary. We can meet by phone, video, and now in virtual reality. But we’re still traveling more than ever. I certainly am.

Takeaways from the SIC

2019-05-17T09:00:00+00:00

There are these two young fish swimming along, and they happen to meet an older fish swimming the other way, who nods at them and says, “Morning, boys, how’s the water?” And the two young fish swim on for a bit, and then eventually one of them looks over at the other and goes, “What the hell is water?” —David Foster Wallace, This Is Water

Your Pension May Be Monetized

2019-05-10T09:00:00+00:00

One difficulty in analyzing our economic future is the sheer number of potential crises. When so much could go wrong (and really right, when the exponential technologies I foresee get here), it’s hard to isolate, let alone navigate, the real dangers. We are tempted to ignore them all. Ignoring them is usually the right response, too. We can “Muddle Through” almost anything.

Time to Change Strategy

2019-05-03T09:00:00+00:00

My recent letters described what I think the future will look like. I hasten to add, it isn’t what I think the future should look like or what I want to see. Almost the entire developed world has painted itself into a corner.

How I Learned to Love the Debt

2019-04-26T09:00:00+00:00

The US, Europe, and most of the developed world on are the road to Japanification. Like I wrote last week, we will see financial repression, ever increasing deficits, slower growth, etc. Essentially, the rest of us will begin to look like Japan with its astronomical deficits and ultra-dovish monetary policy.

The Rules Will Change but That’s (Probably) OK

2019-04-19T09:00:00+00:00

“But the emperor has nothing at all on!” said a little child.

Japanified World Ahead

2019-04-12T09:00:00+00:00

Regular readers may have noticed me slowly losing confidence in the economy. Your impression is correct and there’s a good reason for it, as I will explain today. The facts have changed so my conclusions are changing, too.